The Independent Petroleum Marketers Association of Nigeria has directed its members in the Southwest region of the country to begin sales of the Premium Motor Spirit popularly referred to as petrol at N162 per litre.
The southwest Zonal Chairman of IPMAN, Alhaji Dele Tajudeen in a telephone chat with journalists in Abeokuta, the Ogun state capital, said his members would be left with no option than to dispense the product at a price of N162 per liter.
Tajudeen said, the directive followed the increase in the deport loading price of the product by the federal government, which placed a new price regime of the product at N151. 56k per liter.
Tajudeen said IPMAN members would have to make provision for the cost of diesel to run generator that will power the dispensing machines; pay the cost of transporting the fuel from the depot to their respective filling stations and also settle their statutory levies with the appropriate regulatory agencies.
He also added that by the time they finish paying all these levies, the cost of discharging fuel at the petroleum filling stations would have shored up to N160, hence dispensing the product at N162 will enable IPMAN members to be able to pay the staff bills and the stations gains.