The Independent Petroleum Marketers Association of Nigeria(IPMAN), has directed its members to adjust to the new Premium Motor Spirit (PMS) pump price of N123.50 per liter approved by the Federal Government.
The federal government had on March 18, reduced the pump price of PMS (petrol) from N145.00 to N125.00, which was further reduced on March 31, from N125.00 to N123.50k per liter with effect from April 1.
The group through its chairman Kano zone, Bashir Dan-Mallam, earlier said members of the association would not comply with the new price regime until after they sell all their old stocks.
According to him, the last time the Federal Government reduced the pump price of the product from N145 per litre to N125 per litre its members nationwide lost over N5.5 billion as a result of the sudden reduction.
The National Public Relations Office of IPMAN, Suleiman Yakubu, on Wednesday, said most filling stations have adopted the new price, and that others will also abide in due course.
“We support the government and its policies, as we also know that government has its citizens’ welfare at heart.
“Some of the marketers just took products before the reduction, so it came as a shock, we will find a way to deal with the situation,”Yakubu assured.
The IPMAN spokesperson, advised their members to obey the government directive as the country is currently on lockdown as a result of the COVID-19 pandemic.
“We have to adjust to what the template gives,”he said.