IPMAN okays N150 per litre

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MEMBERS of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN) have been directed to sell a litre of petrol at N150.

The directive followed Federal Government’s approval of N138.62 as the ex-depot price for a litre. But, The Nation learnt that despite the ceiling, Private Depot Owners (PDO) sell the product to dealers for N139 per litre.

The new price modulation was announced on Tuesday by Petroleum Products Pricing Regulatory Agency (PPPRA).  IPMAN’s Vice President Abubakar Maigandi told our Abuja correspondent yesterday that the Federal Government was yet to come up with a new pump price for this month.

He said since the Nigerian National Petroleum Corporation (NNPC) depots sell the product for N138.62 per litre, private depots decided to increase the price marginally to N139 per litre.

This market interplay, said Maigandi, has compelled some of the marketers to peg their pump prices between N148 and N150 per litre.

A retail outlet in Lagos belonging to Mobil displayed N148.70 as the price for a litre yesterday. Mobil is a member of Major Oil Marketers’ Association of Nigeria (MOMAN).

The IPMAN chief said: “The Federal Government has not directed us (marketers) to sell petrol at any pump price. Of course, you are aware that the product has been deregulated so we are at liberty to sell according to cost price.

“It seems that the private depots decided to sell the product at N149 per litre because NNPC depots are selling it at N148.62. Marketers have to sell in view of the cost they incur so some of us have instructed our stations to sell it for between N148 to N150 per litre.

The pump price of N143 per litre was maintained in many retail outlets monitored in Abuja yesterday.

In Kano, IPMAN’s chairman Bashir Danmallam directed its members to sell at N150 per litre.

“I have accordingly, instructed our members in Kano to comply, by selling the product at N150 per litre,” he said.


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