The Independent Petroleum Marketers Association of Nigeria (IPMAN), Ibadan branch, on Friday gave reasons why its members would not sell the petroleum motor spirit (pms) below N125 per litre.
The Federal Government had four days ago, reduced the pump price of petrol from N125 to N123.50k.
Many of the filling stations stuck to their guns and vowed not to lower the price from current N125, which the government pegged it at, recently.
The IPMAN Secretary, Alhaji Ismail Abdul-Majeed in a circular to its members, copy of which was made available to newsmen in Ibadan, asked members to freely choose between two selling price bands released by the Petroleum Products Pricing Regulatory Agency (PPPRA).
The PPPRA, had in a statement signed by its Executive Secretary, Abdulkadir Saidu on April 1st, clarified the guiding price band of petrol to be N123.50 per litre (Lower Band) and N125.00 per litre (Upper Band) respectively.
Abdul-Majeed said the government reduced the depot price recently from NN133.28k to N113.28k and directed them to sell at N125.
He however expressed worry over the latest pump price of N123.50k, saying the development made the PPPRA to ask them to sell at either N125 or N123.50k.
Abdul-Majeed thereafter urged members of the public to understand why IPMAN members would mostly sell at N125 until the Federal Government reduces its loading price from the current N113.28k.