Given the Federal Government’s approval of N138.62 as the ex-depot price for a litre of petroleum, members of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN) have been directed to sell a litre of petrol at N150.
The Nation reported that the new price modulation was announced on Tuesday by Petroleum Products Pricing Regulatory Agency, PPPRA.
Meanwhile, IPMAN’s Vice President, Abubakar Maigandi revealed that the Federal Government was yet to come up with a new pump price for the month of August.
New Petrol Pump Price
According to Abubakar, private depots decided to increase the price marginally to N139 per litre since the Nigerian National Petroleum Corporation NNPC depots sell the product for N138.62 per litre.
He added that market interplay has compelled some of the marketers to peg their pump prices between N148 and N150 per litre.
A retail outlet in Lagos, Mobil which is a member of major Oil Marketers’ Association of Nigeria (MOMAN) displayed N148.70 as the price for a litre on Wednesday.
However, the pump price of N143 per litre was maintained in many retail outlets monitored in Abuja while the IPMAN’s chairman in Kano, Bashir Danmallam directed its members to sell at N150 per litre.
