The association which comprises all petroleum marketers in Nigeria, popularly known as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the South-West States to sell Premium Motor Spirit (PMS) aka Petrol at N162 per litre.
‘Dele Tajudeen, the Zonal Chairman of IPMAN, made the announcement to journalists in Abeokuta, Ogun State, on Wednesday.
He stated that the directive followed the increase in the depot loading price of the product by the federal government.
Tajudeen said that IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost.
He explained further that members would have to make provision for the cost of diesel to run generator that power dispensing machines.
According to Tajudeen, they will also incur a higher cost of transporting the fuel from the depot to filling stations and settle statutory levies with regulatory agencies.