Gbenro Adesina
Many Nigerians woke today to an increase in petroleum pump price to N150 per litre in several filling stations across the country.
The Pipelines and Products Marketing Company (PPMC), which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), had approved the new ex-depot price of N138.62 per litre of petrol for the month of August in a memo released to all depots and marketers yesterday.
The ex-depot price is the price that the product is sold at the depot for marketers, which largely determines the price of the product at filling stations.
In Kano, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell fuel at N150 per litre.
The directive was contained in a statement by IPMAN chairman, Kano chapter, Bashir Danmallam, a copy of which was made available to newsmen yesterday.
He said the directive followed the new price modulation announced by the PPMC and has accordingly instructed its members to comply by selling the product at N150 per litre.
According to him, the directive was also in compliance with the government’s statement that it would review upward or downward the price of the commodity on monthly basis depending on the price at international market.
Although, the directive to increase the pump price to N150 in Oyo State was not sighted, most filling stations in Ibadan, capital of Oyo State has adjusted their meters to the new price.
