Politics
IPMAN Warns Of Impending Fuel Scarcity, Shares Challenges With NNPCL
IPMAN Warns Of Impending Fuel Scarcity, Shares Challenges With NNPCLThe Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised alarms about a potential fuel scarcity across the country. In a statement made to journalists in Ilorin on Friday, IPMAN’s National Public Relations Officer, Alhaji Okanlawon Sulaiman Olanrewaju, attributed the looming shortage to rising costs of petroleum products.....KINDLY READ THE FULL STORY HERE▶
Olanrewaju explained that the situation arises from a growing conflict between IPMAN members and the management of the Nigeria National Petroleum Company Limited (NNPCL). He expressed concern that the current pricing set by NNPC for marketers is excessively high, with NNPCL planning to sell fuel to marketers at ₦1,010 per liter—higher than the prices at its retail outlets.
He warned that IPMAN’s directive for marketers to halt operations could lead to a shortage of fuel availability and disrupt distribution once existing supplies run out. Additionally, he opposed the idea of reinstating the fuel subsidy, arguing it would undermine the current pricing structure.
“The challenges IPMAN faces in the downstream oil sector are complex. We realize that NNPC is imposing unreasonable prices on us. NNPCL is the only off-taker from Dangote Oil Refinery, and the price they want to sell to us is unsustainable,” Olanrewaju stated.
He emphasized, “NNPC’s price of ₦1,010 is even higher than what they charge at their retail outlets, including transportation costs. This creates a difficult situation for us, as we will have to sell to the public at a loss. It feels as though they want to label us as bad marketers.”
Okanlawon deemed the situation unacceptable and expressed confusion over NNPCL’s actions, stating, “We cannot accept these conditions. Presently, our members have deposited about ₦15 billion into the NNPCL account for months without receiving any products. This amount corresponds to about two to three cargoes at the old price of ₦750 per liter. Now they want us to pay more before we can pick up our supplies.”
He added, “Our president has instructed all IPMAN members to refrain from operations until further notice, with a National Executive Council (NEC) meeting scheduled for Wednesday next week.”
The spokesperson lamented that marketers often take out loans from banks to finance their operations, which come with high-interest rates. He remarked, “What they are asking us to do is not economically viable. The interest rates are rising, and while we have made progress, the current situation is challenging.”
Olanrewaju acknowledged that the government’s steps toward deregulation could eventually foster real competition in the downstream oil sector, benefiting the economy. However, he stressed that NNPC should not be the sole buyer of Dangote fuel, as opening the market would likely drive prices down and improve operational stability for marketers.
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