Business

Why IPMAN Demands NNPC Sell Petrol at Dangote Prices or Refund Marketers

Published by Tope Fakinlede on October 11th, 2024.

Why IPMAN Demands NNPC Sell Petrol at Dangote Prices or Refund Marketers

Abubakar Shettima, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has called on the Nigerian National Petroleum Company Limited (NNPC) to sell Premium Motor Spirit (PMS), or petrol, to marketers at prices comparable to those of Dangote Petroleum Refinery.

In an interview on Channels Television, Shettima highlighted the urgent need for NNPC to refund outstanding payments owed to marketers, which have been delayed for three months. He emphasized the financial pressure this has placed on petroleum marketers and urged the NNPC to act swiftly.

“Our biggest challenge right now is the debt we owe to NNPC. They are acquiring products from Dangote at a rate of less than N900. Meanwhile, our funds have been tied up for nearly three months,” he stated. “Given the recent changes, we insist they either sell to us at Dangote’s price or return our money. This situation is contributing to the current petrol scarcity. We began negotiations on this yesterday.”

Shettima noted that the NNPC has set prices for IPMAN members at N1,010 in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.

He expressed frustration at the NNPC’s directive for marketers to source petrol directly from Dangote, arguing, “This poses a problem since we already purchase products from them. When prices increased, we were instructed to pay more than what Dangote charges.”

He concluded by reiterating the need for the NNPC to refund their payments so they could directly purchase from Dangote if necessary. “The NNPC does not sell on credit; we pay upfront when loading. Whenever they have products available, they notify us to collect them.”