IPMAN Threatens To Stop Operations As NNPCL Sets Fuel Price At N1,010

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to stop operations across the country, due to the high cost of Premium Motor Spirit (PMS), popularly known as petrol, sold to its members by the Nigerian National Petroleum Company Limited (NNPCL).

On Thursday, IPMAN claimed that the cost of petrol from the Dangote Petroleum Refinery to NNPC was about N898/litre.

It however noted that NNPC was selling the same product to independent marketers at N1,010/litre in Lagos.

The association, which controls over 70 per cent of filling stations nationwide, kicked against this and threatened to down tools, as it also demanded a refund from NNPC for earlier petrol supply payments made by its members. This development may further worsen the petrol scarcity and queues in many parts of the country.

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Meanwhile, it was also gathered on Thursday that members of the Major Energies Marketers Association of Nigeria were still loading subsidised petrol from Dangote refinery, based on earlier arrangements with NNPC.

Speaking with one of our correspondents on Thursday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association may be forced to take action if the challenge between IPMAN and NNPC is not resolved immediately.

This development followed an earlier revelation by IPMAN national president, Abubakar Maigandi, that NNPC was asking independent marketers to buy petroleum products from its depot at N1,010/litre in Lagos State.

Maigandi, who spoke during a live television interview on Thursday, argued that the price was higher than what NNPC paid for the product from the Dangote refinery.

He also noted that independent marketers’ funds had been held by the national oil company for about three months.