The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it has not received any official communication on Fuel price hike.
The Chairman of the association in Kano State, Alhaji Bashir DanMalam stated this while briefing newsmen on Friday in Kano over the report going round that the pump price was increased to over N212 per litre.
The chairman directed all his members to continue selling the litre at the old price adding that it had not received any official communication from the federal government.
He told newsmen that whenever there was fuel increment, critical stakeholders would inform the IPMAN leadership, and urged the general public to disregard the ongoing rumour.
Danmalam said, “the leadership of IPMAN has consulted critical stakeholders in the petroleum sector and informed them that there is no such decision of fuel increment for now.” he said.
Update: We’ve not increased price of petrol, NNPC insist
The chairman said the Nigerian National Petroleum Corporation (NNPC) had enough fuel for distribution across the country and urged the public to avoid panic buying.
PPPRA on its website on March 11, had fixed the pump price of petrol, at N212.61 per litre, for the month of March in its PMS guiding price template and said it would run from March 1 to March 31.
According to the PPPRA, based on the average cost for the period, Feb. 1st to Feb. 28th 2021, and an average FMDQ Importer and Exporter (I& E) Naira/US Dollar Exchange Rate of N403.80, the expected retail price of PMS for March 2021, stands at N209.61 per litre and N212.61 per litre.
This, it said remained the lower and upper band respectively.
Giving a breakdown of the cost elements of the commodity, the PPPRA put the Expected Ex-Coastal price at N175.73 per litre, comprising Average gasoline price (FOB Rotterdam barge), and Average freight rate of N169.22 and N6.51 per litre respectively.
It also put the Expected Landing Cost of the commodity at N189.61 per litre, comprising the addition to the ex-coastal price, of average lightering expenses, Nigeria Port Authority Charges, NIMASA charges, jetty throughput charges, storage charge and average financing cost of N4.81, N2.49, N0.23, N1.61, N2.58 and N2.17 per litre respectively.
It further added the wholesalers’ margin of N4.03 per litre; administrative charge of N1.23 per litre; transporters’ allowance of N3.89 per litre; bridging fund of N7.51 per litre and Marine Transport Average of N0.15.
It noted that various margins brought the expected ex-depot price, that is the price at which the commodity is sold to petrol stations, to N206.42 per litre.
The PPPRA further stated that the inclusion of retailers’ margin of about N6.19 per litre, would bring the pump price of the commodity, the price at which it is sold to motorists, to N212.61 per litre. (NAN)
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