Independent Petroleum Marketers Association of Nigeria has directed members to maintain the new price band of Premium Motor Spirit of between N121.50k and N123.50k per litre.
Petroleum Products Pricing Regulatory Agency had on Monday released three new price modulation for PMS, advising major and independent marketers to effect immediately.
According to PPPRA, the price band ranges between N121.50 and N123.50 per litre for retailers, while ex-depot will sell between N102.13 and N104.13 per litre.
In a release on Wednesday, IPMAN chairman in Kano, Bashir DanMallam, said independent marketers would comply with the new price modulation in line with PPPRA’s advice.
DanMallam, who reminded that marketers have the privilege to leverage on PPPRA’s advice to dispense not above the N123.50k ceiling, explained that Nigeria’s oil sector was operating under deregulation.
He noted market force as the only instrument that could determine or compel shift in oil price.
While the IPMAN boss stressed that marketers were only advised by PPPRA to sell between the price band, insisted that no strict instructed was issued to compel sales at any stipulated price.
Assuring the public of steady supply and distribution of petroleum products at all times and in all circumstances, DanMallam prayed God to heal the land from the coronavirus disease.
He advised marketers to continue to observe all public health measures of personal hygiene and physical distancing to curtail the spread of the virus.
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