The Independent Petroleum Marketers Association of Nigeria, IPMAN, has directed its members to immediately comply with the Federal Government new pump price of N143.8.
“The Independent Petroleum Marketers Association, IPMAN, Kano branch has ordered its members across the state to immediately change the price tag of Premium Motor Spirit, otherwise known as petroleum from N123.5 to N143.8 per litre in their respective filling stations.”
The Petroleum Products Pricing Regulatory Agency, PPPRA had on Wednesday released a circular, advising the petroleum marketers to adjust the pump price to N143.80 after a review of the prevailing market fundamentals for the month of June 2020.
In reaction to this, the Chairman of the IPMAN Kano branch, comprising Kano, Bauchi, Jigawa and Katsina States, Bashir Dan-Mallam, gave the directive for immediate compliance while speaking to newsmen in the state on Wednesday.
According to him, the association heeded to the advice of the PPPRA for the upward review of the pump price of the PMS as contained in the circular.
He disclosed that even before the increment, private depot operators were already selling the product at a higher price which had caused losses to the members.
He said “I call on all our members within our branch to immediately change the price of their litres from N123.5 to N143. 80.
” This development came after we received a circular from PPPRA, advising us on upward review of the price after it reviewed the market fundamentals gorgeous the month of June
“Let me tell you that we are already at loss because we had been buying the product at a higher price from private depot operators.”
Mr. Dan-Mallam also called on the general public not to panic as the association is up and doing to ensure steady fuel supply during and beyond COVID-19 lockdown.