Against the new N121.50 petrol pump price, the Independent Petroleum Marketers Association of Nigeria (IPMAN) Kano chapter has directed its members to sell the product at N123.5 per litre.
The Petroleum Products Pricing Regulatory Agency (PPPRA) had, on Monday, announced a new price modulation for the month of June.
While reacting to the development, IPMAN chairman Kano State, Alhaji Bashir Danmallam, in a statement on Tuesday, directed marketers under its jurisdiction to ensure they do not sell above the ceiling of N123.50k per litre.
However, he assured the public of steady supply and distribution of petroleum products at all times, even as he urged the marketers to adopt public health measures of personal hygiene and social distancing to curtail the spread of the Coronavirus disease.
The PPPRA, in a circular on Monday, had announced the review of the PMS pump price with a corresponding ex-depot price for the month of June.
It read: “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 a corresponding ex-depot price for the month of June 2020, as follows: Price Band: N121. 50-123. 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.
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