Independent Petroleum Marketers Association of Nigeria (IPMAN), Kano chapter has reacted to the new price modulation announced by the Petroleum Pricing Regulatory Agency (PPPRA), instructing its members to comply with the directive.
The call to the marketers not to sell above the approved ceiling of N123.50K per litre, was made in a media statement signed by IPMAN’s Chairman, Kano Chapter, Alhaji Bashir Danmallam.
The circular released by the Petroleum Products Pricing Regulatory Agency (PPPRA), advised marketers to sell Premium Motor Spirit (PMS) also known as petrol not above N123.50 per litre.
“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-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 said.
Alhaji Bashir who further assured the public of a steady supply and distribution of petroleum products at all times and in all circumstances, advised the public and marketers to continue to observe all public health measures of personal hygiene and social distancing to curtail the spread of the Coronavirus.