The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims of reaching a price agreement for Premium Motor Spirit (PMS), commonly known as petrol, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) or any other stakeholders. This clarification follows a statement made by IPMAN President, Abubakar Maigandi, suggesting that NNPCL had agreed to reduce the ex-depot price of petrol from ₦958 per litre to ₦955 per litre.
NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, dismissed these claims, stating, “There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime.”
Soneye further explained that the NNPCL had provided a one-time ₦3 discount to marketers with pre-deposited funds to ease fuel distribution and avoid shortages, clarifying that this was a temporary measure and did not imply a fixed price arrangement.
NNPCL reaffirmed its stance that petrol prices are driven by market dynamics, not by agreements with any parties. Meanwhile, IPMAN also confirmed that NNPCL has begun refunding the ₦15 billion owed to its members.
