The Nigerian National Petroleum Corporation Limited (NNPCL) has allegedly halted the sale of Premium Motor Spirit, commonly known as petrol, to independent marketers following a price increase on Tuesday, September 3......Read The Full Article>>.....Read The Full Article>>
Meanwhile, three ships arrived at the Apapa jetty in Lagos on Wednesday to offload imported petrol.
Investigations showed that the NNPCL’s recent price hike led to public protests, with many commuters stranded or forced to walk long distances due to worsening fuel queues and scarcity.
Hammed Fashola, the national vice president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), informed The PUNCH that the NNPCL stopped supplying fuel to independent marketers on Tuesday after raising the price of PMS to N855 and above per litre at its retail outlets across the country.
In response, independent marketers began selling the product for as high as N1,200 to N1,300 per litre in some states.
Fashola expressed concern over the NNPC’s decision to halt petrol sales to marketers without formal notification, especially since the marketers had made payments for the product over two months ago.
Fashola said:
“Our tickets were suspended for loading. They have not been attending to us since yesterday (Tuesday), and there is no official communication yet.”
Checks showed that the NNPCL typically gave preference to major marketers, while members of IPMAN turned to private depot owners, who sold at higher rates.
This gesture resulted in a significant price disparity between the two groups of marketers.
Fashola expressed optimism that the new partnership between the Dangote Refinery and the NNPCL would help reduce the price gap between major and independent marketers.
However, he emphasised that even with the price set at N855 per litre, the NNPC was still subsidising petrol.
Dangote Refinery begins petrol production
Meanwhile, Legit earlier reported that Aliko Dangote, the president of the Dangote Group, had stated that the fuel processed at the Dangote Refinery would contribute to the elimination of all fuel lines in Nigeria.
Noting that it will bring stability, progress, and development, Dangote clarified that it will also ensure that the naira’s distortion is corrected.
Speaking further, he stated that as soon as the business finalises its agreement with NNPC Ltd., refined products from the refinery will be sold in the Nigerian market.
