The Kano zone of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members to sell petrol at N170 a litre, an increase of N10 per litre from the price of N160 per litre.
Bashir Dan-Mallam, Chairman of the IPMAN zone comprising Kano, Bauchi, Jigawa and Katsina States, announced the directive at a news conference on Friday in Kano.
“I call on all our members within our branch to immediately change the price of petrol from N160 per litre to between N168 and N170 per litre.
“This development came after we received a circular from the Pipelines and Products Marketing Company (PPMC), advising us on the upward review of the price after it reviewed the market fundamentals for the month of November 2020,’’ he said.
Dan-Mallam assured the public of the association’s commitment to ensure steady fuel supply across the states and beyond.
PPMC is one of the regulators in the downstream sector of the oil industry responsible for distribution of petroleum products.
It issued a circular on advising petroleum marketers to sell petrol between N168 per litre and N170 per litre “ with effect after a review of the prevailing market fundamentals for the month of November 2020.
The circular, dated Nov. 11, and signed by Ali Tijjani, PPMC’S Executive Director, Commercials, said the PPMC ex-coastal price of petrol stood at N130 per litre, while the ex-deport price stood at N155.