The Nigerian National Petroleum Company Limited, NNPCL has lowered Petrol prices for the Independent Petroleum Marketers Association of Nigeria (IPMAN).
This follows intervention by the Director General of DSS, Adeola Ajayi which resulted in an agreement that permits oil marketers to lift Premium Motor Spirit (PMS) at reduced rates from NNPCL depots.
The National Publicity Secretary of IPMAN, Chinedu Ukadike made this known in a statement
According to him, the meeting involved key officials including the Group Chief Executive Officer of NNPCL, Mele Kyari, and a representative from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
He stated: “We were invited by the Director of the Department of State Services to resolve the ongoing issue between the association and the NNPCL.”
Ukadike highlighted that the crux of the issue was non-compliance in selling PMS to IPMAN by Dangote Refinery and pricing disagreements with NNPCL.
“Based on this, the director of DSS invited us and brokered peace,” he said.
He further stated that NNPCL had agreed to reduce prices and allow IPMAN members to load tickets worth N15 billion immediately.
In addition, Ukadike disclosed that NMDPRA had agreed to issue IPMAN import licenses, facilitating full deregulation in the petroleum sector.
The resolution also included a commitment by NMDPRA to pay N10 billion to oil marketers as outstanding payments under the Petroleum Equalisation Fund.
Additionally, the regulatory body promised to issue import and off-taker licenses, allowing marketers to import fuel directly or purchase products from Dangote Refinery, aligning with the government’s plan for full deregulation.
This resolution followed threats by IPMAN to halt operations nationwide due to the high costs of loading petroleum products from NNPCL depots.
IPMAN had earlier complained that while NNPCL purchased petrol from Dangote Refinery at N898 per litre, it was selling to independent marketers at N1,010 per litre in Lagos and at higher rates in other cities.
IPMAN’s national president, Abubakar Maigandi, had expressed frustration during a television interview, stating that independent marketers’ funds had been tied up for about three months.
He added: “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, which is not up to N900, but they are telling us now to buy this product from them at N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port Harcourt; and N1,040 in Warri.”
