Emmanuel OchayiThe Nigerian National Petroleum Company Limited (NNPCL) and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have agreed on a new ex-depot price of N995 per litre for petrol. This decision has led to the resumption of fuel loading at depots nationwide, bringing relief to marketers and consumers who have faced fuel scarcity.
Abubakar Maigandi, the President of IPMAN, confirmed the agreement and highlighted that this new development would increase the availability of petrol across the country. “In Lagos, they are giving us the product at the rate of N995 per litre as the loading price. When they start loading today and tomorrow, there will be an increase in product availability,” Maigandi said in an interview on Tuesday.
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Fuel Supply Resumes After Agreement
The agreement between NNPCL and IPMAN marks a significant step towards resolving the recent fuel supply disruptions that have affected many parts of Nigeria. Marketers had raised concerns over fuel price hikes and shortages, creating uncertainty in the market.
With the new price set at N995 per litre, both parties are optimistic that fuel loading will continue smoothly at depots. This is expected to alleviate the pressure on marketers and ensure petrol is more readily available at filling stations.
Negotiations Ongoing with Dangote Refinery
Maigandi also addressed concerns regarding NNPCL’s role as a middleman in the fuel supply chain. He noted that discussions between IPMAN and Dangote Refinery were still ongoing and that marketers expect to start sourcing products directly from the refinery once negotiations are completed.
“NNPCL is no longer the official middleman for petrol supply from Dangote Refinery to oil marketers, but we are still in talks. Immediately we finalise our negotiations, we are going to start loading our products directly from Dangote,” Maigandi explained.
Impact on the Market
The decision to fix the ex-depot price at N995 per litre could bring stability to the fuel market in the short term. However, with the ongoing discussions about sourcing fuel directly from the Dangote Refinery, the market may see further changes in the future. IPMAN is hopeful that once the new supply arrangements are finalised, the pricing and availability of petrol will improve further.
NNPCL’s involvement in negotiating fuel prices continues to play a crucial role in maintaining a steady supply of petrol, particularly as the country navigates challenges in its oil sector. The agreement with IPMAN is expected to ease the current supply chain issues while talks with Dangote continue to progress.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
