Alhaji Abubakar Maigandi, the Vice President, Independent Marketers Association of Nigeria (IPMAN), has commended the Federal Government on the new pump price of petrol.

Maigandi told the News Agency of Nigeria (NAN) on Wednesday in Abuja that the decision would help to put to an end the persistent petrol scarcity in the country.

“This is a good development; the best that will happen is complete removal of the subsidy.

“The price they put is a good one, but the best thing is to leave the market open so that people will decide what they want to sell after importation.”

He assured that the products would be available with this development, adding that the association was ready to continue to support government’s effort.

NAN reports that the Petroleum products Pricing Regulatory Agency (PPPRA) has announced a new pump price of N145 per litre for petrol.

A statement signed by Mrs Sotonye Iyoyo, the Acting Executive Secretary of PPPRA, said that the new price would take immediate effect.

“In furtherance of its mandate to ensure the efficient supply and distribution of petroleum products, PPPRA hereby announces, effective immediately, that the new price band for PMS shall be at a maximum of N145 per litre.

“However, NNPC retail stations on the outskirts of major cities are advised to sell at price lower than N145 per litre.”

The statement said that the review became imperative in the face of extreme difficulties faced by petroleum product Importers in sourcing foreign exchange.

This, it added, had made it difficult to meet the consumption demand of the nation.

“Importers will henceforth be permitted to source for their foreign exchange requirements from the secondary sources.

“PPPRA is conscious of the difficulties that Nigerians have been going through in the last few months.

“To ameliorate this situation, we shall continue to modulate pricing in accordance with prevailing market dynamics thereby ensuring fair value to all citizens.” (NAN)