LAGOS (Sundiata Post) – The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the Nigeria National Petroleum Company Limited (NNPCL) owes it “almost N15 billion”.

“Roughly now, they are owing us almost getting to N15bn,” IPMAN’s National President  Abubakar Garima said these on Thursday.

“Our money has been with the NNPCL for almost three months now. Either they sell for us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery,” the Garima said.

He said, “We (IPMAN) have not loaded a single truck since the NNPCL increased its pump price.

“Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference,” IPMAN lamented.

His comment came just after the Nigeria National Petroleum Company Limited (NNPCL) adjusted the prices of fuel at its retail outlets in Lagos and Abuja.

NNPCL outlets in Lagos sold a litre of petrol for ₦998 which is ₦150 higher than the initial price of ₦855.

In the nation’s capital of Abuja where the pump price of a litre of the commodity went to ₦1,030 from ₦897. In other filling stations, the price of the product goes for as much as ₦1,050 in some parts of Lagos State.

However, according to IPMAN, the move is the effect of the full deregulation of the sector.

“Well, we know now that we cannot call it an increase but rather we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully,” he said.

We (IPMAN) have not loaded a single truck since the NNPCL increased its pump price…Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference.

Expect Availability

Fuel queues are commonplace in Nigeria despite President Bola Tinubu’s pronouncement of an end to the subsidy on fuel regime.

Garima says, however, that the recent adjustment in prices will ensure the availability of the product.

“The change that Nigerians are going to expect now: one, we are expecting availability since there is no subsidy,” he said.

“The NNPC is not the sole importer. Other marketers too will participate. It is the same thing in buying the product. Other marketers will buy products directly from Dangote [Refinery]. It is not only NNPC.”