The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to allow marketers to lift Premium Motor Spirit (PMS) at reduced prices. This move follows IPMAN’s threat to halt operations due to the high cost of loading petrol from NNPCL depots.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also committed to issuing import licenses to independent marketers, aligning with the government’s plan to fully deregulate the oil sector. IPMAN had previously complained that NNPCL was selling petrol at a higher price to them—N1,010 per litre in Lagos—despite purchasing it from the Dangote Refinery at N898 per litre.
Following a peace meeting mediated by the Director General of the Department of State Services, the NNPCL agreed to cover the N15bn owed to marketers and lower petrol prices. The NMDPRA is also set to issue import licenses, enabling marketers to buy fuel directly from Dangote Refinery.
However, NMDPRA’s spokesperson, George Ene-Ita, claimed not to be aware of the meeting or the license approvals. The regulatory body also agreed to settle N10bn in outstanding payments to oil marketers under the Petroleum Equalisation Fund.
