The Nigerian National Petroleum Company Limited (NNPCL) has agreed to permit oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) to lift petrol from its depot at a reduced price.
This development comes after IPMAN threatened to cease operations nationwide due to high costs associated with loading petroleum products from NNPCL facilities.
The association, controlling over 70% of filling stations nationwide, protested the price disparity between what NNPCL paid for petrol from the Dangote refinery (N898/litre) and what they were asked to pay (N1,010/litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri). IPMAN National President Abubakar Maigandi stated, “Our major challenge now is that independent marketers have an outstanding debt from the NNPC and the company collected products through Dangote at a lower rate… but they are telling us now to buy this product from them at the price of N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port-Harcourt; and N1,040 in Warri.”
A peace meeting facilitated by the Department of State Services’ Director General, Adeola Ajayi, led to the agreement. The meeting, attended by NMDPRA and NNPCL representatives, resulted in NNPCL permitting the loading of products to cover the N15 billion owed to marketers. Chinedu Ukadike, IPMAN’s National Publicity Secretary, revealed that NMDPRA also agreed to issue import licenses to IPMAN, enabling full deregulation in the sector.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has resolved to pay N10 billion to oil marketers as outstanding payments under the Petroleum Equalisation Fund. This move aims to alleviate the financial burden on IPMAN members and ensure a seamless supply of petroleum products nationwide.
