IPMAN to Get Petrol at N995 per Litre

The Nigerian National Petroleum Company Limited (NNPC) has agreed to sell petrol to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre.

This decision follows the intervention of the Department of State Services (DSS) in the disagreement between NNPC and IPMAN.

Hammed Fashola, the National Vice President of IPMAN, expressed his gratitude for the DSS’s intervention, which he believes has solved many of the problems marketers face.

Also, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has agreed to pay IPMAN’s outstanding N10 billion and resolve issues related to the direct purchase of petrol from the Dangote refinery.

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Fashola stated that IPMAN members will no longer sell petrol at prices significantly higher than those of major marketers, but noted that distance is a factor in pricing.

He emphasized that IPMAN aims to have competitive prices and close the gap between their prices and those of NNPC Retail and major marketers.

The price differential has caused queues at some filling stations, but Fashola believes that with a uniform price, people can easily buy fuel without queues. IPMAN plans to meet with Dangote to discuss how to work out the modalities of purchasing petrol directly from local refineries.