Why we can’t sell petrol at N121.5 per litre, by IPMAN Chair

Isola Moses | ConsumerConnect

Despite that Nigeria’s Petroleum Products Pricing Regulatory Agency (PPPRA) Monday, June 1, 2020, announced the reduction of the pump price of petrol from current N123 per litre to N121.50 per litre, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell the petroleum product to consumers at N123.5 per litre against the N121.5 new pump price.

Alhaji Bashir Danmallam, Chairman, IPMAN Kano Chapter, in a press statement in Kano, Northern Nigeria, stated this Tuesday, June 2.

ConsumerConnect reports that IPMAN, which reacted to the new price modulation announced by the PPPRA, said the agency had advised them to either sell at the new pump price or adjust to what would “make Nigerians happy”.

The Association accordingly, has instructed their marketers to comply with the advice of the government and adjust to N123.5 per litre pending the Deport Petroleum Marketers Association’s action on the new pump price.

Danmallam has directed all marketers under his jurisdiction (Kano State) to comply with the new price modulation advice by making sure no one sells above the approved ceiling of N123.50K per litre.

It is recalled that the PPPRA, in a memo titled, “A.4/9/017/C.2/IV/701 31“, advised all marketers to operate within the indicative prices, and sell petrol not above N123.50 per litre.

The agency said: “After a review of the prevailing market fundamentals in the month of May and considering marketers’ realistic operating costs, as much as practicable, we wish to advise of a new PMS guiding pump price with corresponding Ex-Depot price for the month of June, 2020, as follows: Price Band: N121. 50 — B123. 50 per litre, Ex-Depot price: N102.13-N104.13 per litre, Ex-and Depot for collection: N109.78–N111. 78 per litre.”

“All marketers are advised to operate within the indicative prices as advised by the PPPRA,” the circular noted.