IPMAN ORDERS MEMBERS TO SELL PETROL AT 162NAIRA PER LITRE

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the South-West States to sell Premium Motor Spirit (PMS) aka Petrol at N162 per litre. The Zonal Chairman of IPMAN, ‘Dele Tajudeen, made the announcement to journalists in Abeokuta, Ogun State, on Wednesday. He said the directive followed the increase in the depot loading price of the product by the federal government. Tajudeen stated that IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost.

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AGAIN, FG REDUCES THE PUMP PRICE OF FUEL

The Federal Government on Tuesday night reduced the price of petrol from N125/litre to N123.5/litre. Current petrol price indicates a reduction of N1.5 on every litre of petrol purchased nationwide. It announced the reduction through the Petroleum Products Pricing Regulatory Agency, after a whole day meeting with stakeholders in the oil and gas sector in Abuja. Announcing the reduction, the Executive Secretary of the PMS pricing regulator, Abdulkadir Saidu, said, “PPPRA, in line with the government approval for a monthly review of Premium “Motor Spirit pump price hereby announces guiding…

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Leke Baiyewu, Abuja The House of Representatives has begun an investigation of the Petroleum Products Pricing Regulatory Agency for allegedly failing to remit revenue totalling N1.343tn to the Federal Government coffers. The House, at the plenary on Wednesday, mandated the Committee on Petroleum Resources (Downstream) to investigate the allegation and report back within 10 weeks for further legislative action. The probe followed the adoption of a motion jointly moved by Messrs Julius Ihonvbere and Nicholas Ossai, who accused the PPPRA of “withholding N1.343tn internally generated revenue belonging to the Federal…

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HOUSE OF REPS INVESTIGATE PPPRA OVER 1.3TRILLION NAIRA UNREMITTED REVENUE

Leke Baiyewu, Abuja The House of Representatives has begun an investigation of the Petroleum Products Pricing Regulatory Agency for allegedly failing to remit revenue totalling N1.343tn to the Federal Government coffers. The House, at the plenary on Wednesday, mandated the Committee on Petroleum Resources (Downstream) to investigate the allegation and report back within 10 weeks for further legislative action. The probe followed the adoption of a motion jointly moved by Messrs Julius Ihonvbere and Nicholas Ossai, who accused the PPPRA of “withholding N1.343tn internally generated revenue belonging to the Federal…

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