The Nigerian National Petroleum Company Limited (NNPC) has agreed to sell Premium Motor Spirit (PMS), also known as petrol, to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre. This development comes after the Department of State Services (DSS) intervened in the controversy between the two parties.
According to Hammed Fashola, National Vice President of IPMAN, the DSS intervention resolved many issues facing marketers. Fashola confirmed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority agreed to pay IPMAN’s outstanding N10 billion and resolved issues regarding direct petrol purchases from the Dangote refinery.
Fashola stated, “We really appreciate their intervention… their intervention brokered peace and understanding between the parties, and everybody agreed to work together.” When asked about the NNPC’s selling price to IPMAN, Fashola replied, “For now, tentatively, I think they are offering us N995 per litre.”
With the N995 ex-depot price, Fashola assured that IPMAN members would no longer sell at prices significantly higher than major marketers. However, he noted that distance affects pricing. “Our members sell at N1,200 or so, and this depends on the location… Don’t forget that if you transport a product from Lagos to a far distance, you will pay for transportation and other charges.”
The IPMAN leader emphasized the association’s interest in competitive pricing, citing price disparity as a disadvantage to independent marketers. Fashola explained that queues at filling stations result from price differences. “The queues you see are because of that difference in prices… So, if there is not much difference, we have filling stations everywhere; just drive in, buy fuel, and go.”
IPMAN plans to meet with Dangote to discuss direct petrol purchases. Fashola stressed that the association would patronize the best price, considering both NNPC and Dangote options. “At the same time too, we are not ignoring NNPC… It depends on the price; we go for the best.”
Previously, IPMAN revealed that NNPC purchased petrol from the Dangote refinery at N898/litre but sold it to independent marketers at higher prices: N1,010/litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri. IPMAN demanded a refund from NNPC for earlier petrol supply payments made by its members, who have been waiting for three months.
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