The Independent Petroleum Marketers Association of Nigeria, IPMAN, Kano Chapter, has directed its members to sell the Premium Motor Spirit otherwise known as petrol at N150 per litre.
In a statement on Wednesday, the Chairman of the state chapter, Bashir Dan-Mallam, said the directive followed the new price modulation announced by the Petroleum Products Marketing Company, PPMC.
According to him, the directive is also in compliance with the government’s earlier statement announcing that it would be reviewing the prices of the commodity on a monthly basis, depending on the price at international market.
“’Please be informed that the management has approved ex-depot price of petroleum products including Premium motor spirit (petrol) at N138. 62 per litre’,” the statement quoted PPMC’s memo as saying.
Similarly, he said, private depots had already increased their price to N139.5 per litre
He, therefore, directed all IPMAN members under his jurisdiction to comply with the new price regime by making sure “no one should sell above the approved ceiling of N150 per litre”.
Recall that the PPMC had on Tuesday, in a memo signed by its Manager Sales, Mohammed Bello, fixed the depot price of premium motor spirit, known as petrol at N138. 62 per litre.