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Fresh Controversy As NNPCL Rejects IPMAN’s Claims Of Petrol Price Agreement

Published

1 month ago

Oct 16, 2024.

The Nigerian National Petroleum Company Limited (NNPCL) has categorically rejected claims of a price agreement concerning Premium Motor Spirit (PMS), commonly referred to as petrol, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) or any other entities.

This clarification comes in the wake of remarks made by IPMAN President Abubakar Maigandi, who suggested that NNPCL had consented to reduce the ex-depot price of petrol for its members from ₦958 per litre to ₦955 per litre.

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EKO HOT BLOG reports that In response, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, asserted that no such agreement exists. “There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime,” he stated.

Soneye elaborated that NNPCL had only offered a one-time ₦3 discount to marketers who had funds deposited with NNPCL to facilitate fuel lifting and avert shortages.

He emphasized, “This was a temporary measure. Prices are still determined by market forces, not by NNPC Ltd.”

NNPCL IPMAN Petrol Price

This denial follows IPMAN’s confirmation that NNPCL has begun refunding the ₦15 billion owed to its members. Prior to the recent developments in the downstream sector, members of IPMAN had paid this amount to NNPC for the supply of petrol.

NNPCL’s stance reinforces its commitment to a market-driven pricing structure in the petroleum sector, emphasizing that any adjustments in prices will be dictated by prevailing market conditions rather than agreements with specific groups.