IPMAN adopts new petrol pump price, orders members to sell at ₦170 Per Litre
Following the recent increment in the depot price of petrol from ₦155 to 167 by Nigerian National Petrokeum oorporation (NNPC), the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at N170 per litre, an increase of N10 per litre from the price of N160 per litre.
The Petroleum Products Marketing Company (PPMC) some times this year 2020 adjusted the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N147.67 to N155.17 effective Nov. 13.
Speaking with journalists after the emergency meeting in Abuja, the IPMAN public relations officer, Alhaji Yakubu Suleman, said members have been directed to comply with the new price regime He stated: “The National Executive Council called this emergency meeting to agree on a range for pump prices across the country in view of the new realities in the industry, but most importantly, we discussed ways that we can get the government to consider us during other adjustments”.
When asked if they agreed on a particular pump price for petrol, he said, “Of course yes.”
The new price as approved by the National Executive of IPMAN for petrol is between N168.00 and N170.00., all other factors being equal as we have been doing in the business.
The body said, they have communicated to members through their normal channel of communication and that Engineers are already working on the machines to reflect the new price regime at outlets where there are products to dispense.
In the same vein, Bashir DanMallam, chairman of the IPMAN of Kano, Bauchi, Jigawa and Katsina zone announced the directive at a news conference in Kano yesterday.
He called on all members within the branch to immediately change the price of petrol from N160 per litre to between N168 and N170 per litre.
The development according to the union became after receiving a circular from the Pipelines and Products Marketing Company (PPMC), advising them on the upward review of the price after it reviewed the market fundamentals for the month of November 2020
