PETROL PRICES GOING UP, OIL MARKETERS AWAIT SIGNAL FROM PPPRA

PETROL PRICES GOING UP, OIL MARKETERS AWAIT SIGNAL FROM PPPRA

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is awaiting signals from the
Petroleum Products Pricing Regulatory Agency (PPPRA) to jack up the pump price of petrol from the present N143.80.

IPMAN warned its members who have jumped the gun to tarry awhile for the PPPRA.

NNPC and Petroleum Products Marketing Company (PPMC) increased the ex-depot price of premium motor spirit (PMS), known as petrol, from N132.62 to N138.62 per litre.

The PPMC Manager, Sales, Mohammed Bello, had disclosed the new price in a statement in Abuja on Tuesday.

Bello said that that the new price would come into effect from Aug. 5.

The ex-depot price is the price at which depot owners sell the commodity to retail outlets.

Though petrol pricing has been deregulated, PPPRA plays a role in fixing pump prices for petroleum products, by way of guiding prices.

The Agency monitors market trends and advise the NNPC and Oil Marketing Companies on the monthly market-based guiding price, which shall include the indicative retail price at which the product shall be sold across the country

The National Public Relations Officer of IPMAN, Alhaji Suleiman Yakubu, said the association would brief its members as soon as it received directive from PPPRA.

Yakubu advised marketers to sell at the old rate, pending when PPPRA would announce its monthly pricing modulation for the product.

A survey conducted by NAN on Wednesday in Abuja indicated that major marketers at Wuse, Gwarimpa, Maitama and Wuye had not adjusted their pumps to reflect the new price.

The PPPRA in the last four months has adjusted pump prices thrice.

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