The Nigerian National Petroleum Company Limited (NNPC) has finally agreed to sell Premium Motor Spirit (PMS) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre following the intervention of the Department of State Services (DSS) in their ongoing dispute.
IPMAN’s National Vice President, Hammed Fashola, confirmed that the DSS played a vital role in resolving several issues affecting marketers, including the NNPC’s petrol pricing and the association’s N10bn outstanding payment.
Ultimately, IPMAN will now have direct access to purchase petrol from the Dangote refinery.
Fashola acknowledged that the new N995 ex-depot price would reduce the cost of petrol for IPMAN members, who previously sold petrol at about N1,200 per litre due to transportation costs.
He noted that IPMAN is working on setting a uniform price for its members across various zones in Nigeria.
The price disparity between IPMAN and major marketers has long disadvantaged independent marketers, contributing to queues at some filling stations.
Fashola explained that this gap, caused by higher prices for independent marketers, has led to long wait times at stations where prices are more affordable.
Moving forward, IPMAN will hold meetings with the Dangote refinery to formalise agreements for purchasing petrol directly.
While the association is focused on competitive pricing, Fashola said they will continue doing business with NNPC, prioritising the best prices available.
