Independent Petroleum Marketers Association of Nigeria (IPMAN) don dey lament over the possibility of fuel scarcity across the country due to their disagreement with the Nigerian National Petroleum Company Limited (NNPCL) on the new ex-depot price of petrol. IPMAN, wey represent over 70 percent of Nigeria’s filling stations, reject the new ex-depot price of N1,010 per litre set by NNPCL.
According to IPMAN National President, Abubakar Maigandi, the new price hike by NNPCL is unsustainable for independent marketers. Maigandi explain say NNPC dey buy petrol from Dangote Refinery at around N898 per litre but dey sell am to marketers at N1,010 per litre, which is higher than what dem pay. Dis price differential dey force IPMAN members to sell fuel at unaffordable rates, potentially reaching N1,200 per litre once logistics costs are included.
IPMAN also demand refund from NNPC for earlier petrol supply payments made by their members. Maigandi state that NNPC owe marketers an outstanding debt of up to N15 billion and that marketers’ funds have been held by NNPC for about three months.
The association threaten to stop operations if NNPCL no reverse the price hike, which could trigger severe fuel scarcity across the country. Dis move come at a time when many filling stations in places like Abuja, Kano, and Port Harcourt already dey experience fuel scarcity due to the price hike.
The recent price increase by NNPC follow their decision to terminate their exclusive purchase agreement with Dangote Refinery, allowing other marketers to buy petrol directly. However, IPMAN argue say dis new pricing policy contradict the principles of deregulation and will worsen the economic hardship on Nigerians.
