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Petrol stations commence petrol sale at N162/litre

Petrol stations in Lagos state have commenced sale of Premium Motor Spirit, PMS popularly referred to as petrol at N162 per litre.

The development was seen after SweetcrudeReports noticed that some stations at Festac Twon, Ago, Isolo and Okota have on Thursday, changed their templates to reflect the new price.

Independent Petroleum Marketers Association of Nigeria, IPMAN had on Wednesday directed its members in the Southwest region of the country to begin sales of the product at N162 per litre.

Southwest Zonal Chairman of, Alhaji ‘Dele Tajudeen said his members were left with no other option than to dispense the product at N162 following the Petroleum Products Marketing Company, PPMC increasing ex-depot price to N151.56k per litre.

According to him, selling at N162 would enable them meet up with the overhead cost of diesel to run generator that will power the dispensing machines; pay the cost of transporting the fuel from the depot to their respective filling stations, settle their statutory levies with the appropriate regulatory agencies, pay the staff bills, as well as make provision for stations’ gains.

An internal memo from Ibadan with reference number PPMC/IB/LS/020 dated September 2, 2020, and signed by D.O Abalaka had done the rounds on Wednesday.

“Please be informed that a new product price adjustment has been effected on our payment platform”.

”To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre. This is effective from September 2, 2020,” the document had said.

However, Managing Director of the PPMC, Musa Lawal denied that the Company sent out the said memo, asking the public to disregard it.

“That is not authentic. It is wrong and there is a price review which shall be communicated properly, but what came out early today is the wrong one,” Lawal stated.

Mr. Lawal made the ‘clarification’ after another internal memo also carrying the PPMC letterhead and dated same September 2, 2020 with reference number PPMC/MOD/Sales/346, but this time around signed by Onya Schola reduced the ex-depot price to N147.67 per litre was also seen doing the rounds on Wednesday.