NNPC threatens to cut private depots’ supply, releases PMS to marketers at N143/litre, ex-depot rate- IPMAN confirms


Oredola Adeola
As major parts of Nigeria continue to record long queues due to worsening scarcity of Premium Motor Spirit(PMS) also known as Petrol, the Nigerian National Petroleum Corporation(NNPC) has promised to sell the product to marketers at N143 per litre ex-depot rate, with assurance of cutting private depot’s supply for selling  at N170/N173.
 This was confirmed in a statement released by Independent Petroleum Marketers Association of Nigeria (IPMAN) and Association of Distributors and Transporters of Petroleum Products (ADITOP).
Bashir Danmalam, IPMAN Kano Chapter, who confirmed the statement in Kano on Thursday, said Mr. Chinedu Okoronkwo, IPMAN National President,  has instructed members across the country to start selling the product at N165, which is the government approved price, due to the intervention of the NNPC.
According to him, we have urged IPMAN members not to sell Premium Motor Spirit (PMS) above N165 per litre.
Okoronkwo in the statement confirmed that the NNPC has recently released sufficient product from their depot to the market which according to him is a guarantee of the product availability and possible ex-depot price reduction.
He said,“Our members in Lagos were getting the fuel at N170/N173 that’s why they wanted the price increased.
“It’s only the NNPC that is importing the product. Cost of doing business has changed, so it becomes difficult to sell at N165 per litre.
“That is why we are thanking the NNPC for bringing the product to N143. So, our members must sell the product at N165 which is the government approved price.”
“Henceforth, any depot owner who continues to sell the product above the approved ex-depot price will be blacklisted and sanctioned as the government would not fold its arms and allow such unpatriotic depot owners to continue to exploit people,” Okoronkwo said.
He said the NNPC had also mandated the management of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enforce the order by ensuring effective monitoring of private depot owners.
Speaking on the efforts to recover money owed to them for the supply of petroleum products, Okoronkwo also noted that the IPMAN and ADITOP have engaged the services of Benham Group to reconcile the outstanding.
He said, “Our business required technology, that is why we brought a seasoned financial expert and we have been able to recover a lot of funds in other countries and Nigeria.
“The incessant accidents and destruction of trucks on the road, banditry and kidnapping is the reason we are bringing the insurance company to help us.
“Leaving the risk for the owner of the truck to bear will affect our businesses,” Okoronkwo said.
Alhaji Mohammed Danzaki, National President, ADITOP, said Nigerians had been suffering from fuel scarcity because of problems the association was facing.
“ADITOP and IPMAN are the ones suffering since we need return for our investment. NNPC has done a lot to import the product but the main issue is the transportation.
“We have not been getting our payments. That’s why we engaged a financial expert, Benham Group, to recoup our money for Nigerians to get regular supplies in the fuel stations,” Danzaki said.
Dr Maurice Ibe, Chairman of Benham Group, revealed that his company’s intervention with IPMAN and ADITOP would help to stabilise the activities of the downstream sector and ensure that the product gets to filling stations across the country.