The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the South-West States to sell Premium Motor Spirit (PMS) aka Petrol at N162 per litre.
The Zonal Chairman of IPMAN, ‘Dele Tajudeen, made the announcement to journalists in Abeokuta, Ogun State, on Wednesday.
He said the directive followed the increase in the depot loading price of the product by the federal government.
Tajudeen stated that IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost.
He explained members would have to make provision for the cost of diesel to run generator that power dispensing machines.
The chairman added that they will also incur a higher cost of transporting the fuel from the depot to filling stations and settle statutory levies with regulatory agencies.