IPMAN to NNPC: Sell Petrol to Us at Dangote Prices or Refund Our Money

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Shettima, has called on the Nigerian National Petroleum Company Limited (NNPC) to sell Premium Motor Spirit (PMS), commonly known as petrol, to marketers at the same rates offered by Dangote Petroleum Refinery. Alternatively, he urged the NNPC to refund the funds held for over three months.

Speaking on Thursday during an interview with Channels Television, Shettima highlighted the financial strain placed on petroleum marketers by the prolonged withholding of funds by the NNPC. He emphasized that immediate action was necessary to ease the burden on the sector.

“Our major challenge is that we have an outstanding debt with the NNPC, and they have been purchasing products from Dangote Refinery at a lower rate, not up to ₦900. Yet, they have withheld our funds for nearly three months,” Shettima stated.

He continued, “With recent developments, we have demanded that they either sell to us at Dangote’s prices or return our money. This situation has contributed to the ongoing fuel scarcity, and negotiations with the NNPC only started yesterday.”

According to Shettima, the NNPC has directed IPMAN members to purchase petrol at the following rates: ₦1,010 in Lagos, ₦1,045 in Calabar, ₦1,050 in Port Harcourt, and ₦1,040 in Warri.

Shettima also expressed dissatisfaction with the NNPC’s stance that marketers should buy directly from the Dangote Refinery. “We have an issue with that because we already buy products from the NNPC. When they increased prices, they asked us to pay above what Dangote is selling to them. So, we have requested that they refund our monies so we can purchase directly from Dangote if necessary,” he added.

He further explained that the NNPC does not sell on credit, meaning that marketers must pay in advance. “We buy ahead of loading, and whenever they have products, they call us to collect,” Shettima concluded.

This ongoing tension between the NNPC and IPMAN has contributed to fuel scarcity across the country, as marketers await resolution on pricing and refunds.