The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement with oil marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) to allow them to lift Premium Motor Spirit (PMS) from NNPCL depots at a reduced price.
This was after a meeting facilitated by the Director General of the Department of State Services, Adeola Ajayi.
This decision follows tension caused by high loading costs, which led IPMAN to threaten a nationwide strike.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also committed to issuing import and off-taker licenses to enable marketers to either directly import fuel or purchase products from the Dangote Refinery. This is in line with the government’s plan to deregulate the oil sector.
IPMAN had previously revealed that NNPCL was purchasing fuel from the Dangote Refinery at ₦898/litre but selling it to independent marketers at much higher prices, causing significant discontent.
In a recent agreement brokered by the Director General of the Department of State Services, Adeola Ajayi, NNPCL has agreed to permit independent marketers to load products worth ₦15 billion to offset debts owed to them.
Additionally, IPMAN’s National Publicity Secretary, Chinedu Ukadike, confirmed that the NMDPRA will issue import licenses to IPMAN as part of the full deregulation process.
Despite these developments, the NMDPRA spokesperson stated that he was unaware of the meeting or any license approvals.
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