Filling stations across Nigeria has been directed to start selling fuel at ₦162 per litre by the Independent Petroleum Marketers Association of Nigeria (IPMAN).
The new directive follows an announcement on Wednesday, September 2, 2020, by the Pipelines and Product Marketing Company (PPMC) of an increase in the price of premium motor spirit to N151.56 per litre.
The PPMC announced the increment in an internal memo to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka.
“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 (N151.56k) per litre.
This takes effect from September 2, 2020″, the statement reads.
The IPMAN in a statement by its southwest Zonal Chairman, Alhaji ‘Dele Tajudeen, has also directed it’s members to readjust their pump to read N162 per litre of fuel.
He said that the readjustment was to caretaker for taxes, levies and overhead cost of lifting the fuel from depot to the dispensing point.
“IPMAN members would have to make provision for the cost of diesel to run generator that will power the dispensing machines; pay the cost of transporting the fuel from the depot to their respective filling stations and also settle their statutory levies with the appropriate regulatory agencies.
“That by the time they finish paying all these levies, the cost of discharging fuel at the petroleum filling stations would have shored up to N160, hence dispensing the product at N162 will enable IPMAN members to be able to pay the staff bills and the stations’ gains”, he stressed.