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NNPC Owes Us Almost N15B - IPMAN Raises Alarm

Published

Thursday, October 10, 2024 at 04:08 PM

Written by Brenda Izu

NNPC Owes Us Almost N15B - IPMAN Raises Alarm

Abubakar Garima, the National President, Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the Nigerian National Petroleum Company Limited(NNPC) owes petroleum marketers almost N15bn.

Garima stated this on Thursday during Sunrise Daily, a programme on Channels TV.

He disclosed that IPMAN members have been unable to load any trucks since NNPCL's price increase.

Regarding the outstanding debt, he noted that NNPCL owes its members a substantial amount, he said, “Roughly, it is almost getting to N15bn. Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference.

Our money has been with the NNPCL for almost three months now. Either they sell for us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery.”

Despite NNPCL commencing loading of Premium Motor Spirit (PMS) at the Dangote Petroleum Refinery last week, most filling stations nationwide remain dry. The development has left many Nigerians struggling to access fuel.

In a related development, the Independent Petroleum Marketers Association of Nigeria (IPMAN) used its October 1, 2024, Independence message to appeal to the Federal Government to permit direct sourcing of petroleum products by its members. This move aims to alleviate the sector's pressure and ensure steady fuel supply.

Meanwhile, Niger Delta Connect reported that in a move which has sparked widespread outrage, the Nigerian National Petroleum Company Limited (NNPC Ltd) has increased petrol prices to an unprecedented N1,030 per litre at fuel stations nationwide.

The drastic price hike has sent shockwaves through the economy, affecting millions of motorists, commuters, and businesses reliant on fuel.

The decision to end its exclusive purchase agreement with Dangote Refinery, effectively opening the market to other players.

The move marks a significant shift in Nigeria's fuel distribution landscape, as marketers can now buy directly from the Dangote Refinery, rather than relying solely on NNPC as the sole off-taker. Under the new arrangement, marketers and the refinery will operate on a "willing buyer, willing seller" basis, reflecting the full deregulation of the downstream sector.

Edited By: Chinedu Eze

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NNPC Owes Us Almost N15B - IPMAN Raises Alarm

Abubakar Garima, the National President, Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the Nigerian National Petroleum Company Limited(NNPC) owes petroleum marketers almost N15bn.

Garima stated this on Thursday during Sunrise Daily, a programme on Channels TV.

He disclosed that IPMAN members have been unable to load any trucks since NNPCL's price increase.

Regarding the outstanding debt, he noted that NNPCL owes its members a substantial amount, he said, “Roughly, it is almost getting to N15bn. Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference.

Our money has been with the NNPCL for almost three months now. Either they sell for us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery.”

Despite NNPCL commencing loading of Premium Motor Spirit (PMS) at the Dangote Petroleum Refinery last week, most filling stations nationwide remain dry. The development has left many Nigerians struggling to access fuel.

Meanwhile, Niger Delta Connect reported that in a move which has sparked widespread outrage, the Nigerian National Petroleum Company Limited (NNPC Ltd) has increased petrol prices to an unprecedented N1,030 per litre at fuel stations nationwide.

The drastic price hike has sent shockwaves through the economy, affecting millions of motorists, commuters, and businesses reliant on fuel.

The decision to end its exclusive purchase agreement with Dangote Refinery, effectively opening the market to other players.

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