Would you like to receive notifications on latest updates of the following headlines?

IPMAN tackles NNPCL, threatens to stop operations

POSTED ON October 11, 2024 •   Breaking News      BY Abiodun Saheed Omodara
Independent Petroleum Marketers Association of Nigeria logo and Petrol Nozzle

The Independent Petroleum Marketers Association of Nigeria has threatened to stop operations nationwide following the high cost of Premium Motor Spirit, popularly known as petrol, sold to IPMAN members by the Nigerian National Petroleum Company Limited.

IPMAN revealed on Thursday that the cost of petrol from the Dangote Petroleum Refinery to NNPC was about N898/litre, but noted that NNPC was selling the same product to independent marketers at N1,010/litre in Lagos.

The association, which controls over 70 per cent of filling stations nationwide, kicked against this and threatened to down tools, as it also demanded a refund from NNPC for earlier petrol supply payments made by its members.

This development may further worsen the petrol scarcity and queues in many parts of the country

Meanwhile, it was also gathered on Thursday that members of the Major Energies Marketers Association of Nigeria were still loading subsidised petrol from Dangote refinery, based on earlier arrangements with the NNPCL.

The National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association might be forced to take action if the challenge between IPMAN and NNPC was not resolved immediately.

This development followed an earlier revelation by IPMAN national president, Abubakar Maigandi, that NNPC was asking independent marketers to buy petroleum products from its depot at N1,010/litre in Lagos State.

Maigandi, who spoke during a live television interview on Thursday, argued that the price was higher than what NNPC paid for the product from the Dangote refinery.

He also noted that independent marketers’ funds had been held by the national oil company for about three months.

According to him, NNPC purchased the product from the refinery at N898/litre but is asking marketers to buy it at N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port Harcourt; and N1,040 in Warri.

“Our major challenge now is that independent marketers have an outstanding debt from the NNPC and the company collected products through Dangote at a lower rate, which is not up to N900, but they are telling us now to buy this product from them at the price of N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port-Harcourt; and N1,040 in Warri”, Maigandi stated.

He also pointed out that the association’s funds with NNPC had reached N15bn, stressing that marketers were eager to be fully involved in the petrol business and its components following the full deregulation of the sector.

READ ALSO
Ogun shuts  four companies for environmental violations
BY Abiodun Saheed Omodara April 24, 2025 0

OGUN, Nigeria (NAN) - The Ogun state government, via its Environmental Protection Agency (OGEPA), ha...

READ ALSO
Ginger farmers lament uncertainty ahead of 2025 planting season amid seedling shortages
BY Abiodun Saheed Omodara April 22, 2025 0

ABUJA, Nigeria - Some ginger farmers in the Bwari Area Council of the Federal Capital Territory (FCT...

READ ALSO
Senator Jimoh Ibrahim Joins Cambridge Senate
BY Abiodun Saheed Omodara April 21, 2025 0

Senator Jimoh Ibrahim has joined the University of Cambridge Senate in the UK.  He is set to p...

READ ALSO
Kano secures $10bn investment for renewable energy, minerals in partnership with Morocco
BY Abiodun Saheed Omodara April 21, 2025 0

KANO, Nigeria (NAN) - The government of Kano state has announced that it will secure more than $10 b...

READ ALSO
Tinubu calls for unity and resilience amidst National insecurity
BY Abiodun Saheed Omodara April 19, 2025 0

ABUJA, Nigeria - President Bola Ahmed Tinubu on Friday reaffirmed his command to the Armed Forces to...

READ ALSO
Local petrol production soars 670% as Nigeria cuts PMS imports - NMDPRA
BY Abiodun Saheed Omodara April 16, 2025 0

ABUJA, Nigeria - The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has a...

READ ALSO
LASG unveils plans for enhanced energy efficiency, sustainable power solutions
BY Abiodun Saheed Omodara April 16, 2025 0

LAGOS, Nigeria - In an effort to ensure a 24-hour power supply throughout Lagos, the State Governmen...

READ ALSO
Lagos court struck out defamation suit against VeryDarkMan
BY Abiodun Saheed Omodara April 16, 2025 0

LAGOS, Nigeria - The Lagos State High Court in Ikeja has dismissed the defamation lawsuit brought ag...

OUR CHANNELS:

2face get appointment as technical adviser to Benue Govt.
BY Abiodun Saheed Omodara April 25, 2025 0

The Governor of Benue State, Hyacinth Alia    has appointed music legend, Innocent Idibia...


Nigeria's Economic Reforms Boost Sovereign Credit Profile - IMF
BY Abiodun Saheed Omodara April 23, 2025 0

The Assistant Director for Global Markets at the International Monetary Fund (IMF), Jason Wu,  ...


Six dead in Okene Accident: Akpoti-Uduaghan Urges Immediate Road Safety Reforms
BY Abiodun Saheed Omodara April 23, 2025 0

KOGI, Nigeria - Following a tragic auto accident in Okene, Kogi State, which resulted in the loss of...


Plateau NBA expresses outrage over violence, urges FG to protect citizens
BY Abiodun Saheed Omodara April 23, 2025 0

PLATEAU, Nigeria - Due to the assaults and homicides occurring in Plateau State by alleged Fulani mi...


LASG reports over 517,000 traffic violations amid enhanced road safety measures
BY Abiodun Saheed Omodara April 24, 2025 0

LAGOS, Nigeria - The Lagos State Government on Tuesday revealed that from May 2024 to March 2025, mo...


Police Inspector Dies by Suicide in Port Harcourt
BY Abiodun Saheed Omodara April 24, 2025 0

RIVERS, Nigeria - A Police Inspector identified as Maxwell Zabu, who was attached to a former Chairm...


Tinubu lauds ECOWAS for regional integration, economic progress at golden jubilee
BY Abiodun Saheed Omodara April 23, 2025 0

President Bola Tinubu has praised the Economic Community of West African States (ECOWAS) for promoti...


LASG celebrates two million passengers on blue rail, highlights transportation achievements
BY Abiodun Saheed Omodara April 23, 2025 0

LAGOS, Nigeria (NAN) - The Lagos State Government has announced that over two million passengers hav...


FG aims to upgrade 2,701 PHC to enhance healthcare access across Nigeria
BY Abiodun Saheed Omodara April 24, 2025 0

The Federal Government, via the National Primary Health Care Development Agency (NPHCDA), has reveal...


Education minister urges colleges to embrace dual degree system
BY Abiodun Saheed Omodara April 24, 2025 0

ABUJA, Nigeria (NAN) - The Minister of Education, Dr. Tunji Alausa, has called on stakeholders in Co...


More Articles

Load more...

Menu