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NNPC Agrees To Sell Petrol To IPMAN At N995 Per Litre

Published

2 months ago

Oct 15, 2024.

The Nigerian National Petroleum Company Limited (NNPC) has agreed to sell Premium Motor Spirit (PMS), commonly known as petrol, to the Independent Petroleum Marketers Association of Nigeria (IPMAN) at a rate of N995 per litre.

This follows the intervention of the Department of State Services (DSS) in resolving the conflict between both parties.

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EKO HOT BLOG reports that the agreement also includes plans by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to pay IPMAN’s outstanding N10 billion and address issues related to purchasing fuel from the Dangote Refinery.

IPMAN’s National Vice President, Hammed Fashola, acknowledged the DSS’s role in resolving the standoff and revealed that the price difference in fuel, which has contributed to long queues at petrol stations, is expected to reduce.

NNPC Sell Petrol IPMAN

Currently, IPMAN members sell petrol at around N1,200 per litre, but the new N995 ex-depot price could bring down retail costs, though transportation and other factors might still affect final prices.

IPMAN is also in talks with Dangote Refinery to streamline direct purchase processes, while maintaining a relationship with NNPC to ensure they secure the best price for their members.

The association had earlier expressed concerns over NNPC selling the same petrol, procured from Dangote Refinery at N898 per litre, to independent marketers at prices as high as N1,050 in some regions.

Efforts to resolve these issues are ongoing, with a focus on reducing the price disparity that has disadvantaged independent marketers and created supply bottlenecks.