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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the Southwest region of the country to begin sales of petrol at N162 per litre.

Fuel hike

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

READ ALSO: BREAKING NEWS: Petrol Pump Price Increases From N143.80 To 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 PPMC internal memo 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.

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