The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Friday directed its members in Kano state to sell premium motor spirit (petrol) for N170 per litre.
The product was being sold for N160 per liter, but the Pipeline and Products Marketing Company (PPMC) released a circular, advising the petroleum marketers to sell petrol within the regime of N168 to N170 per litre, with effect from Friday.
This PPMC has adjusted the ex-depot price of Premium Motor Spirit, also known as petrol, from N130 to N155.17, it was learned.
The PPMC is a subsidiary of the Nigerian National Petroleum Corporation, NNPC, and currently imports almost all of Nigeria’s petrol.
PPMC said the upward adjustment of petrol price came after a review of the prevailing market fundamentals for the month of November 2020.
The circular dated November 11, signed by Ali Tijjani, said: “PPMC ex-coastal price is N130 per litre. Ex-deport price is now N155.17 per litre with effect from November 13.”
Acting on PPMC’s advise, Chairman of IPMAN Kano, Bauchi, Jigawa and Katsina States, Bashir Dan-Mallam, ordered for an upward review of petrol price.
Dan-Mallam explained that the decision was to prevent scarcity of fuel.
“I call on all our members within our branch to immediately change the price of their litres from N160 (per litre) to between N168 and N170 per litre.
”This development came after we received a circular from PPMC, advising us on the upward review of the price, after it had reviewed the market fundamentals for the month of November 2020.
“We assure the public of our (IPMAN) commitment to ensure steady fuel supply across the state and beyond,” Dan-Mallam said.
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