Independent petroleum marketers association of Nigeria (IPMAN) says its members have agreed to sell petrol at the new retail price of n123.50.
IPMAN members had refused to sell at the new price, on the ground that they had not exhausted their existing stock of the product.
But IPMAN president, Sansui Fari in a statement, says the association’s national executive council, has resolved to comply with the new pump price announced by the petroleum products pricing regulatory agency (PPRA).
Fari commends the presidency for a further cut in the price of petrol, but says IPMAN members sustained heavy loss during the previous reduction of the pump price from n145 to n125 per litre.
He asks PPPRA to always liase with the association when effecting such a change in price in future to carry all stakeholders along.