A dispute has erupted between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Company Limited (NNPCL) over an alleged N15 billion debt owed to IPMAN for unsupplied petroleum products. IPMAN’s National President, Abubakar Garima, revealed that its members have not received any Premium Motor Spirit (PMS) despite having paid for it nearly three months ago.
Garima stated that the funds are already with NNPCL, but the company has refused to supply the products or refund the payments. He added that NNPCL is asking marketers to pay the price difference between what they initially paid and the current price. IPMAN is requesting either the product at the agreed price or a full refund so members can buy directly from Dangote Refinery.
The issue has caused tension, with IPMAN’s National Executive Council set to meet next week to decide on further action. IPMAN PRO, Okanlawon Olanrewaju, stressed that the withheld payments, taken as loans from banks, are accruing interest, putting additional pressure on its members.
However, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, denied the claims, calling the debt allegations false. Meanwhile, fuel prices have surged, with petrol prices reaching N998 per litre in Lagos, causing long queues at filling stations and a hike in transportation fares across the city.
PETROAN President Billy Gillis-Harry suggested the price increase could be due to challenges in landing products, noting that fuel prices will now be driven by market forces, which are influenced by the exchange rate and demand-supply dynamics.
