The Independent Petroleum Marketers Association of Nigeria (IPMAN) has ordered its members in the Southwest region of the country to sell Premium Motor Spirit (PMS), popularly referred to as petrol, at N162 per litre.
The directive came after the Petroleum Products Marketing Company increased the ex-depot price to N151.56 per litre on Wednesday.
The ex-depot price is the price at which the product is sold to marketers at the depots.
PPMC, a subsidiary of the Nigerian National Petroleum Corporation, had increased the ex-depot price from N138.62 per litre as disclosed in an internal memo from Ibadan depot to all stakeholders.
The memo with reference number PPMC/IB/LS/020 and dated September 2, 2020, was signed by the Depot Manager, D.O Abalaka.
The southwest Zonal Chairman of IPMAN, Alhaji ‘Dele Tajudeen, told in journalists in Abeokuta, the Ogun State capital, that members would be left with no other option than to increase the price to N162.
Tajudeen explained that IPMAN members would have to take the cost of diesel to run generator, cost of transporting the fuel from the depot and statutory levies with the appropriate regulatory agencies into consideration.
He said this would amount to about N160, hence the decision to increase to N162 per litre.