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NNPC, IPMAN in talks to seal fuel price at N148 per litre

  • Business

The Nigerian National Petroleum Company (NNPC) Limited and the Independent Petroleum Marketers Association of Nigeria (IPMAN) are negotiating delivery of Premium Motor Spirit (PMS) amid fuel scarcity.

Both parties have held series of meetings that focus on the ex-depot price of petrol and delivery of the products, with a final outcome slated for January 2023.

According to a report by Punch on Friday, the National Controller, Operations, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said, “They (NNPCL) have now put IPMAN under him (the new Managing Director of NNPCL Retail, Hubb Stockman)) directly, and he’s a good guy.

“With the series of meetings we have been having with him, something good will come out of it, latest by January. We will get products directly from NNPCL and we won’t have to go through the depots.

Read also:Oil marketers accuse NNPC of lying to Nigerians, say fuel depots are empty

“He’s a white guy, and you know whites don’t play politics. By that, prices of products will go down. But what we are asking for again, is consistency in product delivery to us, and let it not be a one-off thing.”

The agreement, if eventually reached, will see the oil marketers and NNPC trade petrol at an ex-depot price of N148 per litre, which is below the over N200 per litre private depot owners sell the product to them.

Due to non-availability of fuel at the NNPC, oil marketers have had to approach private depot owners, resulting to retail stations selling petrol above N250 per litre.

According to the Secretary, Independent Petroleum Marketers Association of Nigeria, Abuja-Suleja, Mohammed Shuaibu, “Any product you see today that comes through the Suleja Depot is by bridging. And when you go down south, you’ll be buying from depot owners at a high price.

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