The Nigerian National Petroleum Company Limited (NNPC) has set the price of Premium Motor Spirit (petrol) at N995 per litre for the Independent Petroleum Marketers Association of Nigeria (IPMAN).
This decision followed the involvement of the Department of State Services (DSS), which helped resolve ongoing disputes between NNPC and IPMAN.
Hammed Fashola, IPMAN’s National Vice President, confirmed that the DSS’s intervention led to the resolution of key issues facing marketers. One outcome was an agreement for the Nigerian Midstream and Downstream Petroleum Regulatory Authority to pay the outstanding N10 billion owed to IPMAN and address concerns over direct petrol purchases from the Dangote refinery.
Fashola praised the DSS for fostering cooperation between all parties involved, which contributed to a peaceful resolution. He mentioned that with the new ex-depot price of N995, IPMAN members would be able to offer prices closer to those of major marketers, though transportation costs could still affect the final retail price, especially for remote locations. Currently, some IPMAN members sell petrol for around N1,200 depending on their location.
Fashola emphasized the importance of analyzing pricing structures to establish a more uniform price across regions, particularly in Lagos. He assured that with the introduction of the new price, there would be a slight reduction in costs and that the association is working towards a fairer pricing model that considers transportation and other expenses.
He expressed gratitude for the DSS’s role, stating, “Their intervention brokered peace and understanding between the parties, and everybody agreed to work together.”
