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
Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 23, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...

READ ALSO
Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 23, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...

READ ALSO
FG Coordinates Evacuation Plans for Citizens in Iran-  Minister
BY Abiodun Saheed Omodara June 22, 2025 0

ABUJA, Nigeria - The Minister of Foreign Affairs, Ambassador Yusuf Tuggar, has refuted false narrati...

READ ALSO
Governors, FG Unite to Tackle Food Security Challenges
BY Abiodun Saheed Omodara June 20, 2025 0

The 36 state governors have come together to collaborate with the Federal Government on harmonizing...

READ ALSO
Tinubu to Launch Multiple Development Projects Today in Kaduna
BY Abiodun Saheed Omodara June 19, 2025 0

KADUNA, Nigeria - President Bola Tinubu is anticipated to arrive in Kaduna State today for the inaug...

READ ALSO
ECOWAS Calls for Unified Action Against Plastic Pollution at World Environment Day
BY Abiodun Saheed Omodara June 18, 2025 0

The Economic Community of West African States (ECOWAS) is calling for a unified regional effort from...

READ ALSO
Trump Proposes Visa Ban on Nigeria Amid Corruption Concerns
BY Abiodun Saheed Omodara June 15, 2025 0

The administration of U.S. President Donald Trump has initiated plans to impose a general visa ban o...

READ ALSO
Nigeria's Crude Oil Prices Surge to $80 Amid Rising Tensions Between Israel and Iran
BY Abiodun Saheed Omodara June 14, 2025 0

Amid the increasing tensions between Israel and Iran, Nigeria's crude oil prices surged to nearly $8...

OUR CHANNELS:

Qatar Closes Airspace After Iranian Strike on U.S. Base in Doha
BY Abiodun Saheed Omodara June 24, 2025 0

In a swift move to safeguard lives and property, the government of Qatar has closed its airspace fol...


Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 24, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...


NGX Opens Week Bullish, Gains N279bn Amid Renewed Investor Confidence
BY Abiodun Saheed Omodara June 24, 2025 0

The Nigerian Exchange Limited (NGX) commenced the trading week on a bullish trajectory, adding N279...


EFCC Urges Students to Shun Internet Fraud, Embrace Positive Online Ventures
BY Abiodun Saheed Omodara June 24, 2025 0

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on Ni...


Abia Govt Vows Crackdown After Cult Clash Leaves One Dead
BY Abiodun Saheed Omodara June 24, 2025 0

ABIA, Nigeria - A suspected cultist was shot dead while another was apprehended following a violent...


Tinubu Showoff Chicago Classmate Amid Lingering Certificate Forgery Controversy
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria - Amid ongoing public debate over his academic credentials, President Bola Tinubu on...


Oil Prices Surge Amid U.S. Airstrikes on Iran's Nuclear Sites
BY Abiodun Saheed Omodara June 24, 2025 0

Oil prices rose on Monday while the dollar gained strength following the U.S. airstrikes on Iran's n...


POS Terminals Drive N223tn in Transactions Amid Shift From ATMs
BY Abiodun Saheed Omodara June 23, 2025 0

Point of Sale (POS) terminals processed transactions worth N223.27 trillion in 2024, marking a drama...


Ned Nwoko’s Second-Term Endorsement Sparks Rift in Delta North APC
BY Abiodun Saheed Omodara June 24, 2025 0

DELTA, Nigeria - The endorsement of Senator Ned Nwoko for a second term as representative of Delta N...


AFN Will Not Block Favour Ofili’s Switch to Turkey – Okowa
BY Abiodun Saheed Omodara June 23, 2025 0

President of the Athletics Federation of Nigeria (AFN), Tonobok Okowa, has stated that the federatio...


More Articles

Load more...

Menu