PPPRA defaults as pump price goes up
The projected increase of fuel price in the month of August is playing out as predicted, as the principal officers of the Independent Petroleum Marketers Association of Nigeria have directed their members to raise the pump price to N150 per litre.
Following frequent fluctuations of crude oil in the international market, the Federal government had announced, through the office of the Minister of State for Petroleum Resources, Timipre Sylva, that government would modulate pump price monthly, as dictated by market realities.
The proposed monthly regulation of PMS in the country was consequently designated to the Petroleum Products Pricing Regulatory Agency (PPPRA), who in the past months have made good on the responsibility up until July when it announced that PMS would sell for N143 during the month of July.
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The agency have reportedly failed to issue any direction as to the pump price for the Month of August, prompting IPMAN to announce the new price of N150 to it’s members.
The increment in the price of premium motor spirit, (PMS), follows an increase in the wholesale price to N138.
IPMAN’s resolve to seize the initiative comes on the back of an announcement by the Petroleum Products Marketing company, (PPMC), who disclosed the new price modulation in a statement signed by its Sales Manager, Mohammed Bello
“Please be informed that the management has approved ex-depot price of petroleum products, including Premium Motor Spirit (petrol) at N138.62 per litre”
With the consequent factors of transporter allowance, retailer margin, bridging fun, marine transport average as well as administration charges, the price of PMS will now go up to N150, with a further projection predicting another increase in the succeeding weeks.
