The Independent Petroleum Marketers Association of Nigeria, IPMAN, has directed its members to sell the Premium Motor Spirit, PMS, otherwise known as petrol at N123.50 per litre as announced by the Petroleum Pricing Regulatory Agency, PPPRA.
Recall that the PPPRA, in a circular, dated May 31, had advised marketers to sell the PMS within the price band of N121.50 to N123.50 per litre.
Reacting to the new price regime in a statement on Tuesday, the IPMAN chairman, Kano Chapter, Bashir Dan-Mallam, said the association would comply with the PPPRA advice and would sell the product at N123.50 a litre.
“The PPPRA advised us to sell petroleum at either N121. 50 or N123. 50. So, we heed to the advice and decided to sell it at the N123. 50.
“Public should note that this new price modulation is not directive or order. It is an advice and we have complied with the advice,” he said.
Mr Dan-Mallam, therefore, asked all marketers under his jurisdiction to comply with the new price modulation, assuring that no one would sell above the approved pump price of N123.50K per litre.
He further assured the public of a steady supply and distribution of petroleum products at all times and in all circumstances, advising both the public and marketers to continue to observe all public health measures to curtail the spread of the coronavirus.