The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement to sell Premium Motor Spirit (PMS) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at a price of ₦995 per litre. This agreement comes after the Department of State Services (DSS) intervened in ongoing disputes between the parties.
Hammed Fashola, the National Vice President of IPMAN, expressed appreciation for the DSS’s role, which helped resolve several issues. Additionally, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has agreed to settle IPMAN’s outstanding ₦10 billion and address concerns regarding the direct purchase of petrol from the Dangote refinery.
While the ex-depot price of ₦995 is expected to reduce petrol prices slightly, Fashola mentioned that factors such as transportation costs would affect the final price in different locations. IPMAN aims to close the price gap between independent marketers and major marketers, which has led to higher prices and fuel queues.
Fashola also confirmed that IPMAN plans to meet with Dangote to discuss direct petrol supply, following a recent government directive allowing marketers to buy directly from local refineries.
