The Nigerian National Petroleum Company Limited (NNPCL) and independent oil marketers have reached a peace agreement following mediation by the Director General of the Department of State Services (DSS), Adeola Ajayi.
As part of the agreement, NNPCL will allow the loading of products worth N15 billion to settle debts owed to the marketers.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), shared the details during an interview with reporters.
The meeting, which included a director from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and NNPCL’s Group Chief Executive Officer, Mele Kyari, resolved key issues, allowing independent marketers to resume loading.
Ukadike explained, “We were invited by the DSS Director to mediate the ongoing dispute between IPMAN and NNPCL over issues including pricing and the non-compliance of Dangote Refinery in selling Premium Motor Spirit (PMS) to IPMAN. After a successful mediation, NNPCL agreed to reduce some charges and allow marketers to immediately load tickets worth N15 billion.”
He also noted that NMDPRA had agreed to issue IPMAN import licenses, which would enable the association to fully participate in the deregulated oil sector.
However, NMDPRA spokesperson George Ene-Ita stated, “I was not part of it,” referring to the meeting and any license approvals.
Additionally, NMDPRA has committed to paying N10 billion to oil marketers as part of the outstanding funds under the Petroleum Equalisation Fund (PEF).