The Independent Petroleum Marketers Association of Nigeria (IPMAN) has ordered its members to sell fuel between the range of N170-N175 in the South East region.
This was disclosed by Mr Chinedu Anyaso, Chairman of IPMAN Enugu Community Depot in charge of Anambra, Ebonyi and Enugu States, in an interview in Awka on Friday.
Marketers in the South East said the increase in the price of fuel was due to the confusion on Friday between NNPC and PPRA, as reports suggest some depots already started selling at N212
READ: Another reason why oil price will keep rising
“There is confusion and uncertainty in the system now, the problem is that we are not sure that the increment has ended.
“Curiously, they say the sector is deregulated why would they be determining price for us,” a marketer told NAN.
IPMAN says the price uncertainty caused marketers to increase the prices on Friday but says members are reverting to the older prices. He said no member had reason to sell above the N170-N175 range and directed them to revert immediately in the interest of the public.
READ: #FuelPriceHike: IPMAN urges FG to deregulate industry
“There was uncertainty on price of the product this morning (Friday) which made some of our members to increase their rates, but I can confirm to you that the increase had been reversed by PPRA,” Mr Anyaso said.
“So, we have directed out members to revert and respect the old rate pending further development, but I must add that some of my members bought at high price already,” he added.
In case you missed it: Nairametrics reported that the Nigerian National Petroleum Corporation (NNPC) insisted that the ex-depot price of Premium Motor Spirit (PMS), popularly known as Petrol, will not be increased in March.
