Private Petroleum Products marketers have refused to comply with the new pump price of petrol announced by the petroleum products pricing regulatory agency (PPPRA)
PPPRA, on Tuesday night, had reduced the retail price of petrol from 125 naira per litre to 123 naira 50 kobo with immediate effect
But independent petroleum marketers association of Nigeria (IPMAN) has directed its members to continue selling the product at 125 naira per litre
According to Kano State chairman, Alhaji Bashir Dan-Mallam, while addressing newsmen in Kano, members will continue to sell petrol at 125 naira per litre until their stock is exhausted
Dan-Mallam explained that Ipman members lost over 5.5 billion naira when the price was suddenly changed last month from 145 naira to 125 naira per litre without advanced notification
He demands compensation for the loss sustained by Ipman members while accusing the presidency of compensating private oil depots for the sudden change in the pump price..