NNPC Delivers PMS To IPMAN: Here’s The Price Breakdown

NNPC Delivers PMS To IPMAN: Here’s The Price BreakdownThe Nigerian National Petroleum Company Limited (NNPC) has reached an agreement to sell Premium Motor Spirit (petrol) to the Independent Petroleum Marketers Association of Nigeria (IPMAN) at a price of N995 per litre. This decision follows the intervention of the Department of State Services (DSS), which helped resolve ongoing disputes between the two parties.....KINDLY READ THE FULL STORY HERE▶

Hammed Fashola, IPMAN’s National Vice President, acknowledged the DSS’s role in facilitating discussions and said it helped address several issues facing marketers. He also confirmed that the Nigerian Midstream and Downstream Petroleum Regulatory Authority would pay IPMAN’s outstanding N10 billion and work on arrangements for direct purchases from the Dangote refinery.

Fashola noted, “We appreciate their intervention. It brokered peace and understanding between the parties.” He indicated that the N995 ex-depot price would help reduce the higher retail prices typically seen among independent marketers, which have been around N1,200 depending on location. He acknowledged that transportation costs could still affect final prices.

He emphasized the importance of competitive pricing for IPMAN members, pointing out that previous price disparities have created challenges. “We are working to close that gap to ensure independent marketers can effectively compete,” Fashola stated.

The price differences have led to queues at some filling stations, as consumers seek the best deals. Fashola explained that these queues are primarily due to price discrepancies, which he believes will lessen with the new agreement.

Looking ahead, IPMAN plans to meet with Dangote this week to discuss direct supply modalities while also remaining open to purchasing from NNPC based on competitive pricing. Previously, the association raised concerns over NNPC’s pricing strategy, highlighting that they were being charged more than what NNPC paid the Dangote refinery.

IPMAN President Abubakar Maigandi expressed frustration over the disparities, stating that independent marketers had been waiting for refunds from NNPC and that their financial resources had been tied up for months.

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