Home Business IPMAN to Get Petrol at N995 per Litre
Business

IPMAN to Get Petrol at N995 per Litre

Share
NNPCL to Hand Over Nigerian Refineries to Private Firms
Share

The Nigerian National Petroleum Company Limited (NNPC) has agreed to sell petrol to members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) at N995 per litre.

This decision follows the intervention of the Department of State Services (DSS) in the disagreement between NNPC and IPMAN.

Hammed Fashola, the National Vice President of IPMAN, expressed his gratitude for the DSS’s intervention, which he believes has solved many of the problems marketers face.

Also, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has agreed to pay IPMAN’s outstanding N10 billion and resolve issues related to the direct purchase of petrol from the Dangote refinery.

READ ALSO: IPMAN: Pricing Controversy Erupts Over Dangote Refinery’s Petrol

Fashola stated that IPMAN members will no longer sell petrol at prices significantly higher than those of major marketers, but noted that distance is a factor in pricing.

He emphasized that IPMAN aims to have competitive prices and close the gap between their prices and those of NNPC Retail and major marketers.

The price differential has caused queues at some filling stations, but Fashola believes that with a uniform price, people can easily buy fuel without queues. IPMAN plans to meet with Dangote to discuss how to work out the modalities of purchasing petrol directly from local refineries.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
IMF Endorses Nigeria's Single Window Trade Project | Daily Report Nigeria
Business

IMF Endorses Nigeria’s Single Window Trade Project

IMF has expressed support for Nigeria’s Single Window Trade Project, aimed at...

CBN Reacts to Naira Devaluation
Business

CBN Denies Introducing N5,000, N10,000 Banknotes

CBN has denied introducing new N5,000 and N10,000 notes, labeling the reports...

Naira to Dollar Rate Today | Daily Report Nigeria
Business

Naira Appreciates Against Dollar at Official Market After Eid el-Fitr Holidays

The naira has continued to appreciate against the dollar at the official...

Naira to Dollar Rate Today | Daily Report Nigeria
Business

Nigeria’s Net Foreign Exchange Reserve Hits $23.11 Billion

Nigeria’s Net Foreign Exchange Reserve (NFER) has increased to $23.11 billion, the...