The Independent Petroleum Marketers Association of Nigeria (IPMAN) has acknowledged the implications of the full deregulation of petrol pricing and the withdrawal of NNPC Limited as the sole off-taker of petrol from the Dangote Refinery. This change allows marketers the freedom to source products from various suppliers, including imports.
This development comes in light of NNPC’s recent decision to increase petrol pump prices by 15%, raising prices to N998 per liter in Lagos and N1,030 per liter in Abuja.
In an interview with Vanguard, Chief Chinedu Ukadike, IPMAN’s Public Relations Officer, stated that marketers would seek to acquire their products from the cheapest sources available, aiming to remain competitive. He noted, “The current business environment regarding petrol pricing is shrouded in secrecy, with marketers not adequately informed about decisions before they are made.” He emphasized that full deregulation enables marketers to import fuel, which will reveal whether they choose to procure from Dangote or other suppliers offering better prices.
Additionally, Alhaji Abubakar Maigandi Shettima, IPMAN President, demanded a N15 billion refund from NNPC Limited for petrol orders placed by independent marketers that were not fulfilled. In an interview with Channels TV, he criticized NNPC for requiring additional payments from marketers despite having failed to supply the products they had already paid for.
However, an anonymous expert expressed skepticism about IPMAN’s position, clarifying that NNPC Limited does not conduct business with oil marketers or associations like IPMAN. The expert explained, “NNPCL does not have a business relationship with IPMAN because the association did not fill out the necessary forms and pay to lift petrol from the company. Instead, NNPCL engages with various companies.”
This ongoing situation highlights the complexities within Nigeria’s petrol pricing landscape and the evolving role of independent marketers amid the deregulation process.