The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to stop operations nationwide due to the high cost of Premium Motor Spirit (PMS) sold to its members by the Nigerian National Petroleum Company Limited (NNPCL).
IPMAN disclosed that the NNPCL is selling petrol to independent marketers at inflated prices, charging N1,010 per litre in Lagos, despite purchasing it from the Dangote refinery for about N898 per litre. This price disparity has caused tension between IPMAN and NNPCL, with IPMAN demanding a refund of outstanding payments and threatening a strike if no resolution is reached.
NNPCL recently raised petrol prices at its retail stations, sparking public outrage and adding to growing economic challenges in Nigeria, with inflation and unemployment expected to worsen. Meanwhile, major energy marketers continue loading subsidized fuel under previous agreements with NNPCL.
The escalating price of petrol, which has increased by over 430% since the current administration took power, has led to significant economic concerns, particularly for small businesses and the transportation sector. Experts warn that the price hikes could exacerbate poverty and further strain Nigeria’s economy.
