The Independent Petroleum Marketers Association of Nigeria (IPMAN) has accused the Nigerian National Petroleum Corporation (NNPC) of selling fuel to them at more than N1,000 per liter despite purchasing it from the Dangote refinery for less than N900.
Abubakar Garima, IPMAN’s national president, revealed in an interview on Thursday, October 10, that marketers had been unable to get petroleum goods from NNPC since the recent price increase, despite having made down payments for the product.
Garima revealed that NNPC purchased PMS from the Dangote refinery for less than N900, but then attempted to sell it to marketers for between N1,010 and N1,050, resulting in a price increase.
“As Independent Petroleum Marketers, we already have an outstanding debt by the NNPCL. NNPCL collected products through Dangote at a lower rate, which is not up to N900. But they are telling us to go and buy this product from them at the rate of N1,110 in Lagos, N1,045 in Calabar, N1,040 in Port Harcourt, N1050 in Warri.
“Our money is with them. We tell them that they should rather sell it at the rate Dangote is selling it or they should return our money back to our various accounts. We are asking them to sell it the way Dangote is selling. We are Nigerians like they are.
“If they sell it the same way Dangote is selling, we may decide to sell our own at N1,020 or N1,010 and create some kind of competition. Because any reduction in money is a difference,” Garima said.
Furthermore, the IPMAN president added that the latest price adjustment indicates that the downstream sector is now fully deregulated, which means that the NNPC is no longer the single importer of petrol or the exclusive off-taker from the Dangote refinery, resulting in increased competition.
He went on to say that traders can now acquire petrol directly from the Dangote refinery or through direct importation.
“Now that the downstream sector is fully deregulated, we independent marketers will be fully engaged in the business. Before it was only NNPC bringing this product.
“At the same time, it’s only NNPC that has an offtake in Dangote refinery. We can use any vessel because we are allowed to go and import ourselves.
“Normally, the reason we have a lot of challenges is because before it’s only NNPC that is allowed to bring it, and the only one that are able to buy from Dangote refinery. But with this current arrangement whereby Dangote will buy in naira and sell in naira, Dangote will give us this product directly, not through the NNPC,” he added.
A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.
Nnamdi Okoli
