The Ibadan branch of Independent Petroleum Marketers Association of Nigeria (IPMAN) says its members will not sell the petroleum motor spirit (PMS) below N125 per litre.
This is contained in a circular signed by its Secretary, Alhaji Ismail Abdul-Majeed, and made available to newsmen on Friday in Ibadan.
The News Agency of Nigeria(NAN) recalls that the Federal Government had within the last few weeks announced a downward review twice from its initial N145.
The Federal Government had reduced the prices of petrol to N125 and later N123.50k.
NAN reports that the Petroleum Products Pricing Regulatory Agency (PPPRA) had in a statement signed by its Executive Secretary, Abdulkadir Saidu, clarified the guiding price band of petrol.
The PPPRA is the statement listed the price of petrol to be N123.50 per litre (Lower Band) and N125.00 per litre (Upper Band) respectively.
Abdul-Majeed said that its members would not sell below the earlier rate of N125 as announced by the Federal Government.
It, however, asked members to freely choose between the two prices of N125 and N123.50 released.
He said that the government reduced the depot price recently from N133.28k to N113.28k and directed marketers to sell at N125, while it had not reduced the depot price to sell at N123.50k.
The IPMAN secretary expressed worry over the latest pump price of N123.50k, saying the development made the PPPRA ask members to sell at either N125 or N123.50k.
Abdul-Majeed 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.