NNPC Selling PMS to Marketers at N1,010 Per Litre – IPMAN President
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited (NNPCL) is currently selling Premium Motor Spirit (PMS) to oil marketers at N1,010 per litre in Lagos. This price is notably higher than the cost NNPCL pays to purchase the product from Dangote Refinery.
Garima, in an interview on Channels TV’s Sunrise Daily on Thursday, stated that NNPCL acquires the product from Dangote Refinery at between N800 and N900 per litre but is setting a higher selling price for marketers across various cities. He disclosed that prices have been set at N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.
This price adjustment comes after NNPC stations recently increased petrol prices at retail outlets, with Abuja seeing a jump from N897 to N1,030 per litre and Lagos witnessing an increase from N868 to N998 per litre. This is the second such hike in a month, marking a 14.8% rise in prices.
Nigerians, who had anticipated lower fuel prices following the introduction of naira-for-crude sales, have expressed frustration with the hikes. Garima attributes the price adjustment to ongoing sector deregulation. “Deregulation has taken full effect, marking the removal of subsidy,” he stated.
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Garima also raised concerns over the outstanding debt owed by NNPCL to independent marketers, which totals around N15 billion, preventing them from sourcing fuel directly from Dangote. According to him, “We have asked NNPC to either allow us to purchase directly from Dangote at a lower price or refund our money held in deposits for over three months.”
The situation has led to fuel scarcity, as marketers are unwilling to buy PMS at inflated prices that exceed NNPC‘s own retail rates. Garima emphasized the urgency for a resolution, allowing marketers direct access to Dangote’s supplies to maintain affordability.
As negotiations continue, independent marketers are seeking a fairer pricing model to sustain their businesses without passing excessive costs to consumers.
