Independent Petroleum Marketers Association of Nigeria (IPMAN) has fixed a new petrol price for marketers nationwide.
IPMAN asked marketers across the country to begin dispensing petrol at N180 per litre and above.
The cartel said it was no longer possible to sell at the government’s cap of N165 per litre.
“The chairman and executives, in conjunction with some senior members of our unit, organised a press conference today, 20th June 2022, at IPMAN HOUSE Ejigbo Lagos, where we explained our predicament with the current price of PMS at the private depot.
“We explained that with the current price, there is no way we can sell less than N180 per litre. On this note, members are hereby advised to sell at a sustainable price within their environment.
“Just make sure that the price is on your pump. Kindly contact the secretariat should you have any authority challenging your operations,” IPMAN spokesman Akeem Balogun said in a statement to Peoples Gazette.
The decision comes as petrol importers are seething over the government’s failure to address the subsidy regime. Marketers said the N165 per litre price set by the government was lower than the import price per litre.
The Buhari administration has missed several self-imposed deadlines to remove the subsidies largely because it could further impoverish the country’s masses.