No more N1,010: NNPC, marketers finally agree on new fuel price, begin loading

According to Daily Trust, the Nigerian National Petroleum Company Limited (NNPC) has agreed to lower the ex-depot price of petrol to N955 per litre for the Independent Petroleum Marketers Association of Nigeria (IPMAN), following a negotiation.

This development is expected to pave the way for the resumption of fuel loading at depots across the country, according to Abubakar Maigandi, President of IPMAN.

The dispute began when IPMAN and NNPC limited disagreed over the ex-depot pricing of the Dangote refinery petrol, initially set at N1,010 in Lagos. IPMAN accused NNPC of increasing prices higher than the rate purchased from the Dangote Refinery, prompting members to demand a refund of deposits made to NNPC.

Maigandi revealed that the Department of State Services (DSS) intervened, leading NNPC to revise the price downwards. “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, the product will be available,” he stated.

Maigandi also mentioned that negotiations between IPMAN and Dangote Refinery regarding direct loading of products are ongoing. “Immediately we finalise our negotiations, we are going to start loading our products directly from Dangote,” he added.

The Nigerian government has directed petroleum marketers to lift petroleum products directly from the Dangote Refinery, ending NNPC’s sole distribution role and promoting deregulation of the downstream oil sector. Wale Edun, Minister of Finance, described this as part of the government’s plan to encourage competition.

This development is a significant step towards resolving the fuel scarcity issues in the country and promoting a more deregulated petroleum market.

With the new ex-depot price and direct loading arrangement, IPMAN members are expected to resume fuel loading and distribution nationwide.