Oil marketers threaten to stop operations due to the NNPC fuel price hike, creating a scarcity.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to halt operations nationwide due to the exorbitant cost of Premium Motor Spirit (PMS), popularly known as petrol, sold to its members by the Nigerian National Petroleum Company Limited (NNPC).....KINDLY READ THE FULL STORY HERE▶

POLITICS NIGERIA reports that the crisis began when NNPC increased the price of petrol to N1,030/litre in Abuja and N998/litre in Lagos, sparking outrage among marketers.

The National Publicity Secretary of IPMAN, Chinedu Ukadike issued the threat on Thursday.

The potential halt in operations by IPMAN, which controls over 70% of filling stations nationwide, may worsen petrol scarcity and queues across the country.

IPMAN revealed that NNPC purchases PMS from the Dangote Petroleum Refinery at N898/litre but sells it to independent marketers at inflated prices.

Earlier, IPMAN national president, Abubakar Maigandi, revealed that 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.

Maigandi, who spoke during a live television interview revealed that independent marketers’ funds had been held by the national oil company for about three months.

“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 added, “Marketers want to be fully engaged in the business of petrol and its components. NNPC has been the one bringing in the product and loading and has an off-take in the Dangote refinery.

“We are now being allowed to import and there is no challenge on that issue. What we are after is to get the product directly from Dangote and not through NNPC. Currently, they owe us up to N15bn.”

Meanwhile, when asked whether the NNPC has reached out to them about resolutions on the issue, Ukadike said, “No changes or feedback at all. NNPC hasn’t responded to us. They haven’t returned our money. We are still observing what the situation would turn to since they haven’t reached out to us, or probably we would have to withdraw our services if the issue is not resolved.”

He, however, confirmed that there were efforts to reach Dangote for direct loading of the product.

The IPMAN official said, “Any moment from now, Dangote will invite us, from the fillers we have received.”

He added, “If we start buying from Dangote at its current price, we will sell at N970, lower than the price of NNPC. Dangote sold to NNPCL at N898/litre. But they are asking us to buy from them at their pump price, can you imagine this kind of slavery?  We continue to talk about price disparity every day and it’s there for all Nigerians to see.”