The price of petrol in Nigeria remains steep as the Nigerian National Petroleum Company Limited (NNPCL) has agreed to sell Premium Motor Spirit (petrol) to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre. This development comes despite recent efforts by the Department of State Services (DSS) to mediate the situation.
This information was disclosed by Hammed Fashola, the National Vice President of IPMAN, who expressed appreciation for the DSS’s intervention, as reported by PUNCH.
“We are grateful for the DSS’s involvement. Their role is to prevent potential crises, and they successfully facilitated peace and understanding among the parties. Now, everyone has agreed to work together,” Fashola said.
He added, “At the moment, they are offering us N995 per litre.”
Fashola pointed out that despite this rate, transportation costs might increase the overall price of petrol in some areas.
“Depending on the location, the price might vary. While N995 per litre might bring some relief, transporting fuel from Lagos to farther locations will incur additional charges,” he explained.
IPMAN is currently working towards a unified price across various regions. “We aim to reach a common ground. Once we analyze the price being offered and factor in our expenses, we hope to set a uniform price as much as possible,” Fashola stated. He, however, noted that the final price would depend on logistics, particularly in Lagos and other zones.
Fashola also mentioned that prior to this agreement, marketers had suffered from price disparities, but the situation is expected to improve with the new development involving Dangote’s operations.
“The price gap between independent marketers and NNPC Retail, as well as major marketers, has been a disadvantage. We are now working on bridging that gap so we can fully return to business. The lack of direct supply had been a significant issue, but with this new arrangement, that problem should be resolved,” he explained.
He further clarified that the queues at fuel stations are not due to scarcity but rather the price differences. “The queues you see are caused by the disparity in prices. Once that difference is minimized, there will be no more queues. We have plenty of filling stations, so people can easily drive in, buy fuel, and leave,” he noted.
The pricing of petrol has been a contentious issue in Nigeria, especially with NNPCL being the sole distributor. Independent marketers had previously expressed concerns about being excluded from discussions regarding the pricing of petroleum products from Dangote’s refinery.
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