The Independent Petroleum Marketers Association of Nigeria (IPMAN) has ordered marketers to sell Premium Motor Spirit (PMS) at the rate of N170 per litre.
The order followed the recent announcement of N155.17 ex-depot price to the marketers.
While talking about the directive, IPMAN National Vice President, Alhaji Abubakar Maigandi, said: “The PPPMC last midnight told us that the ex-depot price is now N155. 17 per litre. We have directed our marketers to sell for N170 per litre.”
He also remarked that the price would still depend on the forces of demand and supply.
The announcement of the new ex-depot price of petroleum was captured in a leaked internal memo from the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
The memo marked PPMC/C/MK/003 and dated November 11, 2020, was signed by the Marketing Manager of the PPMC, Mr Tijani Ali, and addressed to the Executive Director of Commercial (EDC) of the agency.
The memo contained an advice which seeks an upward review of the ex-depot price of PMS, which is the price the product is sold at the tank farms, to N155.17 per litre from N147.67 per litre.
By implication, marketers would be selling the product to motorists within the range of N165 and N173 per litre.
Part of the memo read: “The EDC may please refer to the management directives in respect of the above subject (PPMC PMS prices for November 2020) as per the attached memo.
“In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13th November 2020, as follows: PPMC Ex-Coastal Price for PMS N130 per litre; PPMC Ex-Depot Price (With collection) N155.17 per litre.”
The Federal Government declared a wholly deregulated downstream oil sector, creating the way for prices to be determined by market forces, especially international oil price.
The deregulation had been adduced the reason for the recent hike in the price of petrol.
