IPMAN Directs Members to Sell Fuel at N162 Per Litre

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the Southwest region of the country to now sell Premium Motor Spirit (PMS) also known as petrol at N162 per litre.

The southwest Zonal Chairman of IPMAN, Alhaji ‘Dele Tajudeen made this known on Wednesday in Abeokuta, Ogun State.

The latest increment in the pump price of premium motor spirit by the IPMAN’s South-West chapter is the immediate response from the petroleum products marketers in the zone to the latest ex-depot price fixed at N138.62 per litre by the Federal Government.

Tajudeen explained that his members were left with no other option than to dispense the product at N162.

He noted that the directive followed the increase in the deport loading price of the product by the federal government, which placed a new price regime of the product at N151. 56k.

According to the IPMAN South-West chapter, its members have no option than to sell at N162 to be able to meet up with the overhead cost, since the federal government has decided to fix the price of the product at N151. 56k.

Enumerating some of the costs the marketers bore in ensuring that fuel made available at the fuel stations, Tajudeen said IPMAN members would have to make provision for the cost of diesel to run generator that will power the dispensing machines.

Adding that they also bear the cost of transporting the fuel from the depot to their respective filling stations and also settle their statutory levies with the appropriate regulatory agencies, among others..

According to him, by the time they finish paying all these levies, the cost of discharging fuel at the petroleum filling stations would have shored up to N160, hence dispensing the product at N162 will enable IPMAN members to be able to pay the staff bills and the stations’ gains.

By Peace Obi

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