Fuel Price Stabilized as NNPCL Offers Petrol to IPMAN at N995 Per Litre.
The Nigerian National Petroleum Company Limited (NNPCL) has reached a pivotal agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to sell Premium Motor Spirit (PMS), also known as petrol, at N995 per litre to IPMAN members. This development follows the intervention of the Department of State Services (DSS) in a protracted dispute between both parties.
The resolution comes as a relief to many in the oil sector, as the price of petrol has seen significant volatility, particularly after Nigeria’s removal of fuel subsidies earlier in the year. The DSS’s involvement was crucial in mediating the disagreement, which had resulted in supply disruptions and price disparities across different regions in the country.
Hammed Fashola, the National Vice President of IPMAN, expressed the association’s gratitude for the role played by the DSS. In his statement, Fashola noted that the intervention not only facilitated a mutual understanding between the marketers and NNPCL but also helped avert a potential crisis in the downstream sector.
“We really appreciate their intervention. They are doing their job. Anywhere they see that there may be a crisis, it is their duty to intervene. Their involvement brokered peace and understanding between the parties, and everyone agreed to work together,” Fashola said.
According to him, the price of N995 per litre is a tentative figure, as discussions are ongoing to determine a more stable and uniform price for petrol across the country. “For now, tentatively, I think they are offering us N995 per litre,” he stated, acknowledging that while this price is lower than what IPMAN members had previously been selling at, other variables such as transportation and logistical costs still need to be factored in.
Prior to this agreement, independent marketers had been selling petrol at an average of N1,200 per litre, depending on the location. This price variation was largely due to the distance between petrol depots in Lagos and the northern or eastern parts of Nigeria, which significantly raised the cost of transportation and other operational expenses.
Fashola explained that reducing this disparity is a key priority for IPMAN. “With the N995 price, we expect to see a slight reduction in the pump price. Don’t forget that if you transport a product from Lagos to a far distance, you will pay for transportation and other charges,” he said.
He added that IPMAN is working toward achieving a more uniform price across the country. “We want to work on that because we want to have common ground. When we sit down and look at the price analysis offered to us, and factor in all our expenses, we want to have a uniform price as much as possible. I will not be able to tell you the exact price now, but we are working on it, especially in the Lagos axis and other zones.”
The disparity in prices between independent marketers, NNPC Retail, and major oil marketers has long been a source of concern. Independent marketers have often struggled to compete with the more favorable prices offered by NNPC Retail, which has had a direct supply chain from NNPCL.
Fashola expressed optimism that this new agreement will help close the price gap. “The price disparity has been a disadvantage between us and the NNPC Retail and major marketers. We are trying to look at how to close that gap so we can come back fully into the business. The lack of direct supply has been our problem, and now that we are solving that, I don’t think the disparity will be there again.”
This agreement marks a significant step toward stabilizing the Nigerian petrol market, particularly for independent marketers, who have long been advocating for more equitable pricing structures. By addressing logistical challenges and ensuring a consistent supply of petrol, the hope is that consumers across the country will experience more consistent and potentially lower pump prices in the near future.
However, industry observers have noted that the high cost of transportation and other operational expenses remain a challenge for marketers, and these factors will continue to influence the final pump prices in different regions of the country. IPMAN’s efforts to streamline its operations and work more closely with NNPCL and the government may, however, mitigate some of these challenges moving forward.
Share this:
WhatsApp
Tweet
Share
Save
Like this
Send your press invite, news, press releases/articles to newzspy25@gmail.com Also, follow us on Twitter @newzspy and on Facebook on facebook.com/newzspy or call the Publisher/Photojournalist on 08068030592.
At Newzspy we are dedicated to delivering high-quality news and information to our readers. We are dedicated to providing our readers with high-quality news and information daily.
Leave a Reply:
Your email address will not be published. Required fields are marked *
For , Event Coverage, PR, Story/Article Publication & Other Media Services Pls., Send Email To: newzspy25@gmail.com
Please Kindly Visit Our New Online News Web http://newzspy.ng/wp/ To Read More Latest, Health, Politics, Business, Sports, Happenings And Interesting News.
MISSION STATEMENT
To provide an exceptional news, balance our stories and shine a positive light on our society.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake. If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
Categories: Arts And Culture, Breaking News, Business, CrimeControl, CSR, EMPOWERMENT, ENLIGHTENMENT, Environment, General News, Headlines, Health, Humanitarian, INTERVIEWS, Judiciary, LEADERSHIP, PERSONALITY, Property, Safety, Security, Technology, TRANSFORMATION Tags: #Abia, #Adamawa, #AkwaIbom, #Algeria, #allLGAallocationspaidToFGaccounts, #Anambra, #Angola, #Argentina, #Australia, #Bangkok, #Bauchi, #Bayelsa, #Belgium, #Benue, #Bharian, #Bolivia, #Borno, #Brazil, #Bulgaria, #Canada, #Chile, #China, #Congo, #Croatia, #CrossRiver, #Cuba, #Delta, #Dubai, #Ebonyi, #Edo#Ekiti, #Enugu, #Europe, #Finland, #Georgia, #Ghana, #Gombe, #Greece, #Guinea-Bissau, #Hungary, #Imo, #India, #Indonesia, #Israel, #Italy, #Jamaica, #Japan, #Jigawa, #JusticeEmmanuelAgim, #Kaduna, #Kano, #Katsina, #Kebbi, #Kogi, #Kuwait, #Kwara, #Lagos, #Laos, #Lesotho, #Liberia, #Libya, #Malaysia, #Mauritania, #Namibia, #Nasarawa, #NewZealand, #Niger, #Norway, #Ogun, #Oman, #Ondo, #Osun, #Oyo, #Pakistan, #Plateau, #Portugal, #Qatar, #Rivers, #Russia, #SaudiArabi, #Sokoto, #SouthAfrica, #StateOfPalestine, #Supremecourt, #Switzerland, #Taraba, #Thailand, #Togo, #Turkey, #U.S, #Yobe, #Zamfara @jidesanwoolu @drobafemihamzat @Lamataonline @gbenga_omo @gboyegaakosile @BSaluHundeyin @Mr_JAGs #LASG #AGreaterLagosRising @NigeriaGov @NGRSenat
e @HouseNGR @TradeInvestNG. #Flip #Filminthepark