NNPC And Marketers Agree On New Price, No More ₦1,010;Loading Begins

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

This change is expected to allow  fuel loading to resume at depots across the country, as stated by IPMAN President Abubakar Maigandi.

The dispute started when IPMAN and NNPC disagreed over the ex-depot price of petrol from the  Dangote refinery, which was initially set at N1,010 in Lagos. IPMAN accused NNPC of raising prices beyond what they paid for the petrol, leading members to demand refunds.

Maigandi noted that the Department of State Services (DSS) intervened, resulting in NNPC lowering the price. He mentioned that the loading price in Lagos is now N995 per litre and that fuel will be available soon.

He also indicated that IPMAN is negotiating with Dangote Refinery for direct loading of products, which will start once negotiations are finalized.

The Nigerian government has instructed petroleum marketers to source products directly from Dangote Refinery, moving away from NNPC's sole distribution role to encourage competition in the market.

This change is a significant step toward resolving fuel scarcity in the country and fostering a more deregulated petroleum market. With the new pricing and direct loading, IPMAN members are expected to resume fuel distribution nationwide.