The Independent Petroleum Marketers Association of Nigeria (IPMAN) has declared that from December 1, 2019, a fee of N50 will be charged on all Point of Sale (PoS) transactions from N1,000 at petrol stations.

IPMAN, which members own 19,000 out of the 25,000 registered filling stations said it was based on a directive of “the Central Bank of Nigeria (CBN) dated 17th September, 2019, to all commercial banks that charges of taxes and duties be imposed on all electronic transactions.

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“In view of the foregoing, the general public should please note that this additional charge shall be deducted at source by the commercial banks in compliance with the directive above. Therefore, IPMAN is in no way beneficiary to it,” IPMAN noted.

It was recalled that CBN in directed banks to charge N50 Stamp Duty on individual transactions that occur on PoS in September, 2019.