BusinessOil & Gas

No official order issued to increase pump price – IPMAN

By A’isha Biola Raji

The Kano chapter of the Independent Petroleum Marketers Association of Nigeria, (IPMAN), on Friday, disclosed that no official instruction has been given to increase fuel price to N212 per litre.

The Chairman of the chapter, Bashir Danmalam, said this while speaking with newsmen on the report that the price of fuel had been jacked to N212 per litre.

According to Bashir, the association has not been officially briefed hence, the leadership of the association has ordered all members to continue selling at the current prive pending when the probable increment is communicated.

He stressed that the tradition requires that whenever there is fuel increment, critical stakeholders will officially communicate ro the IPMAN leadership on the development.

According to him, when such communication has not been established, the general public should disregard the news of price hike which he described as a mere rumour.
He said, “The leadership of IPMAN has consulted critical stakeholders in the petroleum sector and it has informed them that there is no such decision of fuel increment for now.

“However, Nigerian National Petroleum Corporation (NNPC) has enough fuel for distribution across the country and there is no need for panic buying.

“Meanwhile, the Petroleum Products Pricing Regulatory Agency (PPPRA) had, Friday morning, projected the price of petrol at N212 per litre.
The agency announced this in its pricing template for the month of March which according to reports have been deleted.

PPPRA based the price on the average costs of imported petroleum products.
The average littering expenses were put at N4.81 per litre; Nigerian Ports Authority (NPA) charge N2.49 per litre; NIMASA charge N0.23 per litre; Jetty Thru put of N1.61 per litre and Storage charge of N2.58 per litre and average finance cost of N2.17 per litre, translating to an expected landing cost per litre of N189.61.

The wholesale margin was fixed at N4.03 per litre; administration charge, N1.23 per litre; transporters’ allowance of N3.89 per litre; Bridging Fund cost of N7.51 per litre and finally Marine Transport Average (MTA) of N0.15 per litre.


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