By Francis Ogwo
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has ordered its members to strictly comply with the new price of Premium Motor Spirit (PMS) recently fixed between N121.50k and N123.50k per litre.
This order came after a release by Petroleum Products Pricing Regulatory Agency (PPPRA), which disclosed three new prize modulation for sales of PMS, with an instruction to major and independent oil marketers to immediately adopt and comply.
The new price according to the PPPRA, 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 sell between N109.78 and N111.78 per litre.
The Chairman of IPMAN, Bashir Ahmad DanMallam, had expressed confidence that his members will adopt the new pricing as stipulated by PPPRA.
DanMallam said the importance of market force in determining shift in oil price cannot be downplayed and pointed out that marketers are only advised by PPPRA to sell between the prize band.
He assured the general consuming public that there will be steady supply of petroleum with sufficient distribution despite the limitations by the ravaging COVID-19 pandemic, while also advising both the public and marketers to continue to observe all public health measures for containment of the spread of the virus.
Recall that the former price was between N123.50 and N125 per litre, which shows that both the lower and upper limits of the new petrol retail price were dropped in this new order.
