Marketers will not sell above N123.50k, IPMAN says

Against the release of new pump prize regime, Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed members to maintain the new prize band of Premium Motor Spirit (PMS) fixed between N121.50k and N123.50k per litre.

Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday released three new prize modulation for sales of PMS, advising major and independent oil marketers to effect immediately.

According to PPPRA, the price band ranges between N121. 50 and N123. 50 per litre for retailer, Ex-Depot to sell between N102.13 and N104.13 per litre while Ex-Depot for collection will dispense between N109.78 and N111. 78 per litre.

In a release signed by IPMAN Chairman in Kano, Bashir Ahmad DanMallam said independent marketers will comply accordingly to new price modulation in line with PPPRA advice.

DanMallam who reminded that marketers have the privilege to leverage on the PPPRA’s advise to dispense not above the ceiling of N123.50k, explained that Nigeria oil sector is operating under deregulation. He added that market force is the only instrument that could determine or compel shift in oil prize.

While the IPMAN boss stressed that marketers are only advised by PPPRA to sell between the prize band insisted no strict instructed was issued to compel sales at any stipulated prize.

Danmalam further assured the public of a steady supply and distribution of petroleum products at all times and in all circumstances, prayed to Almighty to heal the land from the ranging pandemic.

He advised both the public and marketers to continue to observe all public health measures of personal hygiene and social distancing to curtail the spread of the virus.