Oil marketers await signal from PPPRA to increase petrol price
The Independent Petroleum Marketers Association of Nigeria, IPMAN said it 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, however warned its members who have jumped the gun to tarry a while 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.
Recall that the PPPRA in the last four months has adjusted pump prices thrice.