‘No official directive to increase fuel price yet’

Kano chapter of the Independent Petroleum Marketers Association of Nigeria, (IPMAN), on Friday, said it has not received any form of official correspondence to hike fuel price to N212 per litre. This Chapter’s chairman, Bashir Danmalam, disclosed this while addressing newsmen on the report that the price of fuel had been hiked to N212 per […]

Kano chapter of the Independent Petroleum Marketers Association of Nigeria, (IPMAN), on Friday, said it has not received any form of official correspondence to hike fuel price to N212 per litre.

This Chapter’s chairman, Bashir Danmalam, disclosed this while addressing newsmen on the report that the price of fuel had been hiked to N212 per litre.

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According to him, since the association has not been officially communicated on the issue, the leadership of the association has directed all members to continue selling at the initial price until it has officially received directives to that effect or otherwise.

He added that the tradition requires that whenever there is fuel increment, critical stakeholders will officially communicate IPMAN leadership on the development.

The chairman explained that, in the absence of such correspondence, the general public should disregard the news of price hike which he described as mere rumour.

“The leadership of IPMAN has consulted critical stakeholders in the petroleum sector and it has informed them that there is no such decision of fuel increment for now.

“However, Nigerian National Petroleum Corporation (NNPC) has enough fuel for distribution across the country and there is no need for panic buying,” he said.

Projected hike

The Petroleum Products Pricing Regulatory Agency (PPPRA) had, Friday morning, projected the price of petrol at N212.11 per litre.

The agency announced this in its pricing template for the month of March.

PPPRA based the price on the average costs of imported petroleum products.

The average littering expenses were put at N4.81 per litre; Nigerian Ports Authority (NPA) charge N2.49 per litre; NIMASA charge N0.23 per litre; Jetty Thru put of N1.61 per litre and Storage charge of N2.58 per litre and average finance cost of N2.17 per litre, translating to an expected landing cost per litre of N189.61.

The wholesale margin was fixed at N4.03 per litre; administration charge, N1.23 per litre; transporters’ allowance (NTA) of N3.89 per litre; Bridging Fund cost of N7.51 per litre and Marine transport average (MTA) of N0.15 per litre.