NNPCL Punishing Nigerians With Fuel Hike – IPMAN Rejects Price, Threatens Shutdown

Nigerians are facing more challenges as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected the new ex-depot price for Premium Motor Spirit set by the Nigerian National Petroleum Company Limited (NNPCL).

With over 70% of filling stations in Nigeria, the marketers have threatened to halt operations if NNPCL does not reconsider its new petrol ex-depot price of N1,010 per liter.

Chinedu Ukadike, IPMAN’s spokesperson, shared this information in an interview with DAILY POST on Friday morning. His remarks follow NNPCL’s announcement on Wednesday of a price increase at its retail outlets, with prices ranging from N998 to N1,030 in Abuja and Lagos State. The state-owned company also set ex-depot prices between N1,040 and N1,010 for marketers.

Ukadike criticized NNPCL’s pricing, claiming it would only exacerbate the hardships faced by Nigerians. He emphasized that IPMAN members will not accept a petrol price higher than what NNPCL charges at its retail outlets. He argued that NNPCL’s actions do not reflect true deregulation, noting that with the ex-depot price of N1,010, marketers would have to sell petrol at N1,200 per liter after accounting for logistics costs.

He pointed out that NNPCL is selling ex-depot petrol at N1,045 in Port Harcourt and N1,040 in Calabar, while charging IPMAN members N1,010. “We reject NNPCL’s price. We will not lift petrol from them; we are not interested,” he stated, expressing concern that NNPCL’s pricing strategy would continue to burden the public.

This situation suggests a potential fuel shortage across the country, as many filling stations in Abuja were not dispensing fuel on Thursday. The Nigeria Labour Congress has called for an immediate reversal of the recent fuel price increase, while the Nigerian government attributed the hike to market forces.