Against the release of new pump prize regime, Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed members to maintain the new prize band of Premium Motor Spirit (PMS) fixed between N121.50k and N123.50k per litre. Petroleum Products Pricing Regulatory Agency (PPPRA) on Monday released three new prize modulation for sales of PMS, advising major and independent oil marketers to effect immediately. In a release signed by IPMAN Chairman in Kano, Bashir Ahmad DanMallam said independent marketers will comply accordingly to new price modulation in line with PPPRA advice. He added that market force is the only instrument that could determine or compel shift in oil prize. While the IPMAN boss stressed that marketers are only advised by PPPRA to sell between the prize band insisted no strict instructed was issued to compel sales at any stipulated prize.

Source: The Guardian June 03, 2020 17:48 UTC