NNPC and Marketers Settle on New Fuel Price, Begin Loading at N955

The Nigerian National Petroleum Company Limited (NNPC) has agreed to reduce the ex-depot price of petrol to N955 per litre for the Independent Petroleum Marketers Association of Nigeria (IPMAN), following a successful negotiation.This agreement is expected to lead to the resumption of fuel distribution at depots nationwide, according to IPMAN President, Abubakar Maigandi.continue Reading>>>

The disagreement arose when IPMAN and NNPC clashed over the initial ex-depot price of petrol from the Dangote Refinery, which was set at N1,010 in Lagos. IPMAN accused NNPC of selling at a price higher than what it had purchased from the refinery, prompting demands for a refund of deposits made by IPMAN members.

Maigandi explained that the Department of State Services (DSS) stepped in, leading to NNPC’s decision to lower the price. He noted that in Lagos, NNPC is now offering the product at N995 per litre. “Once loading resumes today and tomorrow, fuel will become available,” Maigandi stated.continue Reading>>>

He also highlighted ongoing negotiations between IPMAN and Dangote Refinery to arrange for direct product loading. He added, “Once the talks are finalized, we will begin loading fuel directly from Dangote.”

The Nigerian government has instructed petroleum marketers to source products directly from the Dangote Refinery, ending NNPC’s monopoly in distribution. This move, as outlined by Wale Edun, the Minister of Finance, is part of the government’s plan to deregulate the downstream oil sector and encourage healthy competition.