Afenifere, PANDEF, PDP Kick as FG Raises Petrol Price

IPMAN directs members to sell at N162

The federal government yesterday came under fire from the pan-Yoruba sociocultural group, Afenifere, its Niger Delta counterpart, Pan Niger Delta Forum (PANDEF) and the Peoples Democratic Party (PDP) over the hike in the ex-depot price of petrol from N138 to N151.56 per litre.

The ex-depot price is the amount depot owners and marketers pay to lift products from the Nigerian National Petroleum Corporation (NNPC) storage facilities.

With the increase, the pump price of the commodity, which is within the N145-N148 per litre band, would shoot up to about N162.

Already, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the South-west region of the country to begin the sale of petrol at N162 per litre.

Earlier yesterday, the Pipelines and Product Marketing Company (PPMC), a subsidiary of NNPC, which has recently taken over the communication of the new prices, had said the N151.56 depot price took immediate effect.

A memo from PPMC to Ibadan stakeholders, including depot owners, which was signed by D.O Abalaka, sighted by THISDAY, directed all operators to abide by the new price review.

Others stakeholders copied in the circular included the Department of Petroleum Resources (DPR), Petroleum Equalisation Fund (PEF), NNPC Retail, major and independent marketers as well as northern bridgers.

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

Before now, the Petroleum