Independent Petroleum Marketers Association of Nigeria (IPMAN), on Friday, explained why its members would not sell the Premium Motor Spirit (PMS) below ₦125 per litre.
DAILY POST reports that the Federal Government of Nigeria had recently reduced the pump price of petrol from ₦125 to ₦123.50k.
It was, however, gathered that many petroleum stations had vowed not to lower the price from the current N125.
Secretary of IPMAN Ibadan branch, Alhaji Ismail Abdul-Majeed in a circular to members of the association, asked members to freely choose between the two selling price bands released by the Petroleum Products Pricing Regulatory Agency (PPPRA).
It was gathered that the PPPRA, had in a statement signed by its Executive Secretary, Abdulkadir Saidu on April 1st, clarified the guiding price band of petrol to be N123.50 per litre (Lower Band) and ₦125.00 per litre (Upper Band) respectively.
Abdul-Majeed in the circular made available to DAILY POST in Ibadan, said the government reduced the depot price recently from NN133.28k to N113.28k and directed them to sell at N125.
He, however, expressed worry over the latest pump price of N123.50k, saying the development made the PPPRA to ask them to sell at either N125 or N123.50k.
Abdul-Majeed thereafter urged members of the public to understand why IPMAN members would mostly sell at N125 until the Federal Government reduced its loading price from the current N113.28k.