BREAKING: Fuel price jumps to N150 per litre

By Editor on 05/08/2020

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The temporary relief Nigerians got from the reduction in the price of Premium Motor Spirits (PMS), otherwise known as petrol, the effect of the COVID-19 outbreak, which bore a hole their pockets seems to have come to a complete reversal.

The answer to the questions Nigerians, who had woken up on Monday to witness an unusual queues in most petrol stations, came later in the day when it turned out that the nation may be witnessing another round of petroleum price increase, a phenomenon that has become part of the country’s history.

Already, the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Kano State has directed its members to sell fuel at N150 per litre.

In a statement by the IPMAN Chairman of Kano chapter, Bashir Danmallam, he explained that the measure was sequel to the new price modulation announced by the Petroleum Products Marketing Company (PPMC).

“I have accordingly, instructed our members in Kano to comply, by selling the product at N150 per litre,” he said.

According to him, the directive was also in compliance with the government’s earlier statement that it would review upward or downward the price of the commodity on monthly basis, depending on the price at the international market.

Recall that the PPMC had in a memo signed by its Manager Sales, Mohammed Bello on Tuesday, August 4, fixed the depot price of premium motor spirit, known as petrol at N138. 62 per litre.

“Please be informed that the Management has approved ex-depot price of petroleum products including Premium motor spirit (petrol) at N138. 62 per litre,” the memo stated.

The Kano IPMAN boss said the private depots had also increased their price as they would sell the commodity to their members at N139. 5 per litre

He asked all members under his jurisdiction to comply with the new price regime by making sure no one sells above the approved price of N150 per litre.

Danmallam assured the public of availability of the petroleum products at all times.

 

 

 

Source Whirlwindnews.com

Posted on August, 5 2020

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