The Petroleum Products Marketing Company, (PPMC) has again increased the retail pump price of petrol to between N168.17 and N172.17, the fifth such increase in the last five months.
Recall that in October, the ex-depot price was unchanged and traded at 151.56 per litre as set by PPMC in September.
In May 2020, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced a new pump price band to between N121.50 to N123.50 per litre.
In July 2020, the pump price of fuel was increased to between N140.80 and N143.80.
In August 2020, it was again hiked to between N145.86 and N148.86.
The latest increase was on September 2, 2020, when it was further increased to N158-N162.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN), Kano branch has directed its members across the state to sell Premium Motor Spirit (petrol) from N168 to N170 per litre.
The Pipeline and Product Marketing Company (PPMC) had on Thursday, November 12, 2020, released a circular, advising the petroleum marketers to sell petrol within the range of N168 per litre to N170 per litre after a review of the prevailing market fundamentals for the month of November 2020 with effect from Friday, 13th November 2020.
However, the Chairman of IPMAN Kano branch, comprising Kano, Bauchi, Jigawa and the Katsina States, Bashir Dan-Mallam, gave the directive while addressing newsmen in Kano on Friday.
According to him, the association heeded to PPMC advice for the upward review of the pump price of petrol as contained in the circular.
The circular dated 11th November 2020 signed by EDC, Ali Tijjani R., said the PPMC ex-coastal price is N130 per litre while the ex-deport price is now N155. 17 per litre with effect from 13th November 2020.
“I call on all our members within our branch to immediately change the price of their litres from N160 per litre to between N168 and N170 per litre.
”This development came after we received a circular from PPMC, advising us on the upward review of the price after it reviewed the market fundamentals gorgeous the month of November 2020.
He assured the public of the association’s commitment to ensure steady fuel supply across the state and beyond.
