The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over a debt of nearly ₦15 billion owed by the Nigerian National Petroleum Company Limited (NNPCL).
“Roughly now, they are owing us almost ₦15 billion,” said IPMAN National President Abubakar Garima during an interview on Channels Television’s ¨Sunrise Daily¨. Garima emphasized that the funds have been with NNPCL for nearly three months, and the situation is becoming untenable.
“Our money has been with the NNPCL for almost three months now. Either they sell to us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote,” he added.
Garima also highlighted that IPMAN has been unable to load a single fuel truck since NNPCL raised its pump prices. “Our money is already with the NNPCL. They have refused to give us the product we paid for and are asking us to cover the price difference,” he lamented.
His remarks followed NNPCL’s recent price adjustments at retail outlets in Lagos and Abuja.
In Lagos, the price of petrol rose to ₦998 per litre, up from ₦855, while in Abuja, prices surged from ₦897 to ₦1,030 per litre. In some parts of Lagos, petrol now costs as much as ₦1,050 per litre.
According to IPMAN, this shift reflects the full deregulation of the petroleum sector. “We cannot call it an increase anymore; it’s the removal of subsidy through deregulation. Deregulation has now fully commenced,” Garima explained.
Despite long-standing fuel shortages across Nigeria, Garima expressed optimism that the new pricing structure would improve product availability. “Now that there is no subsidy, other marketers besides NNPCL can import fuel.
Marketers will be able to purchase products directly from the Dangote Refinery, ensuring better availability,” he said.
Fuel queues remain a persistent issue in Nigeria, despite President Bola Tinubu’s announcement of the end of fuel subsidies.
