March 1, 2024

IPMAN rejects N220 petrol ex-depot price, asks NNPCL to revert to N148.17

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Oredola Adeola

The Ejigbo Satellite Depot of the Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to end discrimination enabling the Major Oil Marketers Association of Nigeria (MOMAN), to buy petrol at N148.17 per litre being the  official ex-depot price, while its members buy same for N220 per litre.

Mr Akin Akinrinade, Chairman of IPMAN Ejigbo Depot, made this request on behalf of the independent marketers in the country at a press conference to demand market justice in the supply of petrol across the country

The IPMAN Depot Chairman challenged the NNPCL to justify reasons for offering major marketers the opportunity to buy petrol at ex-depot .official rate of N148. 17 per litre, while subjecting the independent marketers to N220 per litre being the

According to him, we are therefore issuing a seven-day ultimatum to NNPCL to make adequate arrangements for IPMAN members to buy fuel at regulated price of N148.17 per litre.

Akinrinade  blamed NNPCL for failure to comply with the prior arrangement it had with the IPMAN on supply of the petroleum product.

He said, “We have noticed the price disparity at which NNPC is selling petrol to major marketers at regulated price and the private depots are selling to the independent marketers at N220 per litre.

“Major marketers are selling at the rate of N170 per litre in their stations and retail outlets are selling at N169 at their stations.

“The private depots are selling ex-depot prices at N220 per litre to us, which means that after paying N220 per litre, we still have to add other costs like transportation, logistics among other costs.”

According to the chairman, this has led to an increase in the price of petrol at IPMAN stations, adding that members now sell at N250 per litre and above to stay in business.

“We are no longer comfortable with this because Nigerians now see us as the black sheep.

“So, we want Nigerians to know that it is not of our making and that the authorities should address the issues around the price disparity”.

Akinrinade said that members found themselves in such situation due to moribund NNPCL depots that were neglected.

“We loaded here last at a satellite depot in Lagos since December 2021, but, throughout 2022, we have not loaded a drop of product here.

” Ordinarily, NNPC is supposed to make arrangements for us to load through the private depots but they have abandoned that arrangement.

“That is why we have no choice but to buy from the private depot owners who use us to make money.

“I wonder why they are now selling to us at N220 per litre,” he said.

Akinrinade said: ” Petrol is regulated and held in trust for Nigerians, why are private depot owners profiteering?.

“We are all commission agents in the petroleum business as long as the product is being subsidised.

“We are using this medium again to call on NNPC to make arrangements for IPMAN through the private depots such that we can load in those depots as we used to, paying government regulated prices.

“Before now we used to buy at the rate of N148 and with that, we can sell at N170 but it is no longer so because the private depots are selling to us at the rate of N220 per litre ex-depot price,” he said.

Akinrinade said that IPMAN was simply asking for fair competition, adding that the competition was no longer fair.

He said that lPMAN members were losing customers because they could no longer buy at the price of N250 and above.

“In the interim, NNPC should make arrangements for IPMAN to load through the private depot. That is what they are doing for NNPC retail and we should be treated equally.

“If government can no longer subsidise the product, then let them deregulate so that we are all at the same level.

The IPMAN chairman therefore asked NNPCL to return the supply framework to status quo, insisting that the pain is too severe on Nigerians,as it can no longer be tolerated.

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