IPMAN directs members to sell petrol at N170 per liter as NNPC raises depot price

Cars queue to buy petrol at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020. REUTERS/Afolabi Sotunde/File Photo

The Independent Petroleum Marketers Association of Nigeria (IPMAN)  has directed its members to sell petrol at N170 a litre, an increase of N10 per litre from the price of N160 per litre.

The Chairman of the IPMAN zone comprising Kano, Bauchi, Jigawa and Katsina states, Bashir Dan-Mallam, announced the directive at a news conference on Friday in Kano.

He said: “I call on all our members within our branch to immediately change the price of petrol from N160 per litre to between N168 and N170 per litre.

“This development came after we received a circular from the Pipelines and Products Marketing Company (PPMC), advising us on the upward review of the price after it reviewed the market fundamentals for the month of November 2020,’’ he said.

Dan-Mallam, however, assured the public of the association’s commitment to ensure steady fuel supply across the states and beyond.

Earlier, the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), had increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.

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PPMC, being one of the regulators in the downstream sector of the oil industry responsible for distribution of petroleum products, had issued a circular with reference number PPMC/C/MK/003, on Thursday, Nov. 12, advising petroleum marketers to sell petrol between N168 per litre and N170 per litre “with effect from Friday, Nov. 13 after a review of the prevailing market fundamentals for the month of November 2020.

The circular, dated Nov. 11, and signed by Ali Tijjani, PPMC’S Executive Director, Commercials, said the PPMC ex-coastal price of petrol stood at N130 per litre, while the ex-deport price stood at N155. 17.

Disclosing this in dated November 11, 2020, and signed by Tijjani Ali, the PPMC said the new ex-depot price would take effect from Friday.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.