The Nigerian National Petroleum Company Limited (NNPC) has agreed to sell Premium Motor Spirit (PMS) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre, following the intervention of the Department of State Services (DSS) in the dispute between both parties.
IPMAN’s National Vice President, Hammed Fashola, expressed gratitude for the DSS’s role in resolving the issues, including the payment of the association’s outstanding N10bn by the Nigerian Midstream and Downstream Petroleum Regulatory Authority. He noted, “Their intervention brokered peace and understanding between the parties, and everybody agreed to work together.”
Regarding the NNPC price, Fashola said, “For now, tentatively, I think they are offering us N995 per litre.” He added that the cost of transporting PMS affects prices, with independent marketers selling petrol at N1,200 or more depending on location.
Fashola highlighted that IPMAN is working to reduce the price gap between independent and major marketers, stating, “The price disparity has been a disadvantage… We are trying to close that gap.”
He explained that price differences are causing queues at some filling stations, adding, “If there is not much difference, we have filling stations everywhere; just drive in, buy fuel, and go.”
On purchasing petrol directly from local refineries, Fashola confirmed that IPMAN will meet with Dangote to discuss modalities, while still considering NNPC offers based on price.
IPMAN also revealed that NNPC purchases petrol from the Dangote Refinery at N898/litre but has been selling it to independent marketers at higher prices, including N1,010 in Lagos and N1,050 in Port Harcourt. IPMAN’s National President, Abubakar Maigandi, criticised this, calling for a refund of independent marketers’ funds held by NNPC for months.