IPMAN Wants Increased Petrol Price, Says N169 Price No Longer Realistic

Independent Petroleum Products Marketers Association of Nigeria (IPMAN) has said that the petrol pump price of N169 per litre is no longer realistic.

It calls for an upward increase of the pump price of the product to between N200 and N210 per litre.

IPMAN national operations controller, Mike Osatuyi says the N169 pump price does not reflect the level of inflation, foreign exchange costs, union dues, levies and other charges, including transport costs.

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According to Osatuyi, the landing costs of a litre of petrol at a fueling station is N194, including N186.50 paid at the depots, levies and transport costs.

Monitoring of pump price of the products at most of the independent fueling stations is between N180 and N120 per litre.

On the other hand, major marketers are selling for N169 per litre.