The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised serious concerns regarding the Nigerian National Petroleum Company Limited (NNPC) for allegedly refusing to supply petrol at previously agreed prices, despite payments made by its members prior to the recent price hikes. This situation has exacerbated the ongoing challenges faced by independent marketers in the wake of the recent deregulation of the petroleum sector.
In a statement issued today, IPMAN highlighted that its members had made payments for petrol at rates significantly lower than the new market price of approximately ₦1,030 per litre in Abuja and ₦998 in Lagos. The association claims that these payments were made under the expectation that NNPC would honor its commitment to supply petrol at the old prices.
However, with the recent increase in prices, many marketers are now left without access to fuel that they have already paid for.
“Despite our members fulfilling their financial obligations, NNPC has failed to deliver petrol at the agreed-upon rates. This is not only unacceptable but also detrimental to our operations,” stated Abubakar Maigandi, President of IPMAN. “We are calling on NNPC to either supply us with petrol at the previously agreed prices or refund our payments.”
The recent surge in petrol prices marks a significant shift in Nigeria’s fuel landscape, following the government's decision to fully deregulate the downstream oil sector. This move has led to a dramatic increase in fuel costs—over 430% since May 29, 2023—and has resulted in widespread public outcry as consumers grapple with rising transportation and living costs.
IPMAN has also expressed concerns over the economic implications of these price hikes. The association warns that the increased cost of fuel will likely lead to higher prices for goods and services across various sectors, further straining the financial capabilities of average Nigerians.
Moreover, IPMAN's leadership is demanding that NNPC align its pricing with those set by other suppliers, particularly following its termination of exclusive purchasing agreements with Dangote Refinery. “We expect fair competition and transparency in this newly deregulated market,” Maigandi added.
As independent marketers continue to face mounting pressures from both rising costs and supply issues, IPMAN is urging stakeholders and regulatory authorities to intervene and ensure that they can operate sustainably within this evolving market landscape.