NNPCL, Marketers Set Petrol at N995/Litre

Petrol Now N995/Litre

“In Lagos, they are giving us the product at the rate of N995 per litre as loading price...”

NNPCL increases petrol prices to N998/L in Lagos and N1,003/L in Abuja. IPMAN explores direct supply from Dangote Refinery for improved distribution.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that the Nigerian National Petroleum Company Limited (NNPCL) has agreed to lower the ex-depot price of petrol for its members to N955 per litre.

IPMAN President, Abubakar Maigandi, confirmed the reduction. Previously, on October 10, Maigandi revealed that NNPCL initially directed IPMAN members to buy petrol at N1,010 per litre in Lagos, higher than NNPCL's acquisition cost from the Dangote refinery.

Maigandi urged NNPCL to sell petrol to IPMAN members at the Dangote refinery's rate or provide a rebate to oil marketers.

IPMAN President Abubakar Maigandi has shared a positive update. The Department of State Services (DSS) stepped in, leading NNPCL to slash petrol prices. As a result, NNPCL will resume petrol sales starting today. This development follows previous concerns over pricing disparities. Great news for petroleum marketers and consumers alike.

“As we complained to them (NNPCL), the DSS intervened, and the NNPCL reduced some certain amount out of what we were supposed to pay,” Maigandi said.

He further mentioned that the NNPCL has promised to begin loading operations today and that they would start processing and accepting tickets from IPMAN members.

“We are waiting for them so that we will start loading today, so that the scarcity will reduce or disappear,” he said.

“In Lagos, they are giving us the product at the rate of N995 per litre as loading price. When they start loading today and tomorrow, there will be availability of the product.”

Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has clarified that negotiations between IPMAN and Dangote Refinery are ongoing, contrary to reports that NNPCL is no longer the intermediary for petrol supply. Maigandi assured, “Immediately we finalise our negotiations, we are going to start loading our products directly from Dangote.” This development aims to streamline petrol distribution and potentially stabilize prices.

In a recent pricing update, NNPCL increased petrol prices at its retail outlets to N998 per litre in Lagos and N1,003 per litre in Abuja, effective October 9. This move has sparked discussions about the petroleum market's dynamics and the role of intermediaries like NNPCL. As negotiations between IPMAN and Dangote Refinery unfold, the industry awaits further changes in petrol pricing and distribution.