Fuel Price: Start Selling Petrol Now At N162 Per Litre—IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has ordered its members in Southwest Nigeria to commence sales of petrol at N162 per litre.

Brandnewsday learned that IPMAN disclosed that it would be left with no other option than to dispense the product at a price of N162.

This is coming amidst public outcry on the hike in petrol price across the country.

IPMAN Fuel Price

The pump price of premium motor spirit (PMS) otherwise known as petrol was yesterday increased by the Pipelines and Product Marketing Company (PPMC).

The new price from September 2, 2020, is N151.56 per litre.

The new petrol pump price was disclosed in an internal memo issued by the Pipelines and Product Marketing Company and signed by D.O Abalaka.

The IPMAN PPMC internal memo partly reads: “Please be informed that a new product price adjustment has been effected on our payment platform.

”To this end, the price of premium motor spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56) per litre. This is effective 2nd September 2020.”

Following that development, the Southwest Zonal Chairman of IPMAN, Alhaji ‘Dele Tajudeen in a telephone chat with journalists in Abeokuta, the Ogun state capital, said his members would be left with no other option than to dispense the product at a price of N162.

He explained that since the Federal Government has decided and puts the price of the product at N151. 56k, IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost.