The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the Southwest region of the country to increase pump price of Premium Motor Spirit (PMS) popularly referred to as petrol to N162 per litre.

The southwest Zonal Chairman of IPMAN, Alhaji ‘Dele Tajudeen in a telephone chat with journalists in Abeokuta, the Ogun State capital, said his members is left with no other option than to adjust their pump price to reflect the new federal government’s ex-depot price of the product.

Tajudeen said, the directive followed the increase in the deport loading price of the product by the federal government, which placed a new price regime of the product at N151. 56k.

He explained that since the federal government has decided and puts the price of the product at N151. 56k, IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost.

Tajudeen said IPMAN members would have to make provision for the cost of diesel to run generator that will power the dispensing machines; pay the cost of transporting the fuel from the depot to their respective filling stations and also settle their statutory levies with the appropriate regulatory agencies.

He added that by the time their members finish paying all the levies, the cost of discharging fuel at the petroleum filling stations would have shored up to N160, hence dispensing the product at N162 will enable IPMAN members to be able to pay the staff bills and the stations’ gains.