The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Garima, disclosed that the Nigerian National Petroleum Company Limited (NNPCL) is charging oil marketers above its own cost for petroleum products, selling at N1,010 per litre in Lagos despite purchasing it from the Dangote Refinery at between N800 and N900 per litre.
This pricing discrepancy has triggered concern among marketers, who are now required to buy at prices ranging from N1,010 in Lagos to N1,050 in Port Harcourt.
Garima made this statement during a recent interview on Channels TV’s Sunrise Daily.
The news follows NNPCL’s price adjustments earlier in the week, where prices at its retail stations in Abuja rose from N897 to N1,030 per litre and from N868 to N998 per litre in Lagos.
The recent increase has heightened public frustration, marking the second price jump in just one month, with prices up roughly 14.8%.
Since the beginning of the current administration, the price of petrol has surged by over 430%, leaving many Nigerians questioning the anticipated price relief from the naira-for-crude exchange introduced as a subsidy alternative.
Garima attributed the increases to sector deregulation, explaining, “Deregulation has fully taken effect, and the removal of subsidy impacts are evident.”
Garima further explained that the IPMAN has requested NNPCL to refund funds held in advance so that marketers can seek direct purchases from Dangote Refinery at its lower rate.
According to him, independent marketers have prepaid for fuel at NNPCL depots, creating financial strain while NNPCL sells at higher prices than those available from the refinery.
This has led to a standoff, with some marketers halting purchases until negotiations settle prices closer to Dangote’s.
The IPMAN president said, “We’re pushing for the option to buy directly from Dangote to avoid intermediary costs,” noting that NNPCL currently owes marketers up to N15 billion.
