Motorists in panic buying as IPMAN directs members to sell petrol at N150 per litre

Motors queuing up in a filling station. (File photo)

Nigeria motorists and other petrol users have embarked on panic buying across filling stations over the new price review announced by the Petroleum Products Marketing Company raising the selling price of petrol.

The PPMC, a subsidiary of the Nigerian National Petroleum Corporation, has fixed N138.62 as ex-depot price fixed for PMS, also known as petrol, effective August 5.

Consequently, as gathered, some marketers may decide to add N14 or N15, which will put the pump price between N150 and N151 per litre.

To make real this speculation, the Independent Petroleum Marketers Association of Nigeria (IPMAN), Kano chapter, has directed its members to sell fuel at N150 per litre.

The IPMAN Chairman in the state, Bashir Danmallam, gave the directive in a statement made available to newsmen in Kano on Wednesday.

He said that the directive followed the new price review announced by the Petroleum Products Marketing Company (PPMC).

Danmallam added that the directive was also in compliance with the government’s earlier statement that it would review upward or downward the price of the commodity on a monthly basis, depending on the price of crude oil in the international market.

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The PPMC had, in a memo signed by its Manager, Sales, Mohammed Bello, on Aug. 4, fixed the depot price of premium motor spirit, known as petrol, at N138.62 per litre.

“Please be informed that the management has approved ex-depot price of petroleum products, including premium motor spirit (petrol), at N138.62 per litre,” the memo had said.

The IPMAN chairman said that private depots had also increased their price, as they would sell the commodity to their members at N139.5 per litre.

Danmalam asked all members under his jurisdiction to comply with the new price by making sure that no one sold above the approved N150 per litre.

The IPMAN chairman assured the public of availability of the petroleum product at all times.