News
NNPCL Bows To Pressure After DSS Steps In, Slashes Fuel Prices For Marketers
The Department of State Services (DSS) has brokered peace between the Nigerian National Petroleum Company Limited (NNPCL) and independent petroleum marketers, resolving a dispute over Premium Motor Spirit (PMS) pricing and supply.
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EKO HOT BLOG reports that the conflict arose after the Independent Petroleum Marketers Association of Nigeria (IPMAN) threatened to halt operations due to high fuel costs, citing that NNPCL was selling PMS to independent marketers at ₦1,010/litre in Lagos, while purchasing it from the Dangote Refinery at ₦898/litre.
In response, IPMAN demanded a price reduction and a refund for previous payments made to NNPCL.
The association, which controls over 70% of filling stations nationwide, argued that NNPCL’s pricing policies were unsustainable and unfair.
During the peace meeting facilitated by DSS Director General Adeola Ajayi, NNPCL agreed to reduce the PMS price for marketers and allow them to lift products from its depot, covering the ₦15 billion owed to IPMAN.
Additionally, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) committed to issuing import and off-taker licenses to marketers, enabling them to import fuel directly or purchase it from the Dangote Refinery, aligning with the government’s plan to fully deregulate the oil sector.
NNPCL Bows To Pressure After DSS Steps In, Slashes Fuel Prices For Marketers
Chinedu Ukadike, IPMAN’s National Publicity Secretary, confirmed the agreement and stated that independent marketers could now access their outstanding supply tickets.
This resolution marks a significant step towards stabilizing Nigeria’s fuel distribution amid the challenges of deregulation.
However, when contacted, the NMDPRA spokesperson claimed to be unaware of the meeting, despite the regulatory body’s involvement in the negotiations.
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