The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned it would halt operations nationwide due to the high cost of Premium Motor Spirit (petrol) sold to its members by the Nigerian National Petroleum Company Limited.
IPMAN disclosed that petrol from the Dangote Petroleum Refinery to NNPC was priced at about N898 per litre, but NNPC was selling the same product to independent marketers at N1,010 per litre in Lagos.
The association, which controls over 70 per cent of filling stations nationwide, opposed this and threatened to cease operations. It also requested a refund from NNPC for previous petrol supply payments made by its members. The move could exacerbate petrol scarcity and queues in many parts of the country.
Meanwhile, it was reported on Thursday that members of the Major Energies Marketers Association of Nigeria were still loading subsidised petrol from Dangote refinery, based on previous arrangements with NNPC.
Chinedu Ukadike, IPMAN’s National Publicity Secretary, stated on Thursday that the association might be compelled to take action if the dispute between IPMAN and NNPC is not promptly resolved.
This development follows an earlier statement by IPMAN president Abubakar Maigandi that NNPC required independent marketers to purchase petroleum products from its depot at N1,010/litre in Lagos State.
On Wednesday, NNPC’s retail stations raised the petrol price to N1,030 from N897/litre in Abuja, and in Lagos, it was increased to N998/litre from N868/litre. Similar price hikes were observed in other locations, sparking outrage among Nigerians. The price hike, the second in one month, represents about a 14.8 per cent increase.
With the latest price adjustment, the price of petrol has risen by over 430 per cent since the current administration took over the reins of power on May 29, 2023.