By Ado Mohammed
Independent Petroleum Marketers Association of Nigeria, Kano branch has directed its members across the state to sell Premium Motor Spirit (petrol) at N170 per litre.
The Pipeline and Product Marketing Company, PPMC, had on Thursday, November 12, 2020 released a circular, advising the petroleum marketers to sell petrol within the range of N168 to N170 per litre after a review of the prevailing market fundamentals for the month of November 2020 with effect from Friday, 13th November 2020.
The Chairman of IPMAN Kano branch, comprising Kano, Bauchi, Jigawa and the Katsina States, Bashir Dan-Mallam, gave the directive while addressing newsmen in the state on Wednesday.
According to him, the association heeded to PPMC advice for the upward review of the pump price of petrol as contained in the circular.
The circular dated 11th November, 2020 and signed by EDC Ali Tijjani, said the PPMC ex-coastal price is N130 per litre while the ex-deport price is now N155. 17 per litre with effect from 13th November 2020.
“I call on all our members within our branch to immediately change the price of their litres from N160 per litre to between N168 and N170 per litre.
”This development came after we received a circular from PPMC, advising us on the upward review of the price after it reviewed the market fundamentals gorgeous the month of November 2020.
He assured the public of the association’s commitment to ensure steady fuel supply across the state and beyond.
This follows the increment of the product by Nigerian National Petroleum Corporation, NNPC, from N147 to N155 which may lead to a permanent settlement of petrol price between N168 – N170 per litre as
In a circular dated November 11 from the Pipelines and Product Marketing Company, PPMC, of the NNPC had informed petrol marketers of the changes in wholesale price otherwise called ex-depot rice.
The letter, with reference number PPMC/C/MKT/003, signed by Ali Tijani was approved by the management on November 12 as the price change was detailed to take effect from November 13.
Nigeria had earlier announced deregulation of the downstream segment of the petroleum industry as the government suspended a subsidy regime allegedly covered in corruption and secrecy.
Although the pump price of petrol was reduced immediately government deregulated the market following the low price of crude at the international market.
The price has, however, risen steadily from June. The price band rose from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
In September pump prices rose further to N158 and N162 per litre. The recent ex-depot is projected to increase the pump price to about N170.