Fuel Crisis Deepens: IPMAN Accuses NNPC of Unfair Practices Amidst Soaring Prices

Fuel Crisis Deepens: IPMAN Accuses NNPC of Unfair Practices Amidst Soaring Prices

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has levied serious allegations against the Nigerian National Petroleum Company Limited (NNPCL), accusing the state-owned oil giant of attempting to shortchange its members. According to IPMAN, NNPCL has refused to supply petrol at the old price despite prior payments, leaving marketers with no choice but to purchase the product at the hiked price of around N1030.

IPMAN National President, Abubakar Garima, revealed on Channels Television's Morning Brief program that members had paid for petrol products before NNPCL's announcement of the price increment. However, NNPCL is now demanding that marketers pay the balance before loading products. Garima noted that NNPCL purchases petrol from Dangote Refinery at less than N900 but sells it to IPMAN members at significantly higher prices: N1,010 in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.

"This is unacceptable," Garima stated. "We cannot load products because we have to pay cash before loading, and the cash is already with NNPCL. They refused to load us and told us to come and complete the difference." Garima emphasized that completing the difference is not a simple process, involving various formalities.

Furthermore, IPMAN is seeking fair pricing, urging NNPCL to sell petrol to its members at the same rate as its filling stations, which purchase the product at lower rates from Dangote Refinery. Currently, NNPCL filling stations sell petrol at N998, while IPMAN members are expected to buy at N990.

IPMAN has requested that NNPCL either refund its members' money to enable direct purchases from Dangote Refinery or sell petrol at the same rate as its filling stations. Garima explained, "We have told them to see how they can return our money to our banks so that we can go directly to Dangote and buy." Negotiations began yesterday, and IPMAN awaits a resolution.

This development has crippling implications for Nigeria, already reeling from soaring fuel costs since President Bola Ahmed Tinubu's announcement to end fuel subsidies. The price of Premium Motor Spirit (PMS) has skyrocketed from N85 to N800 and is projected to hit N1500. The resulting hardship, high cost of living, and inflation have contributed to heightened insecurity across the nation.

As the fuel crisis deepens, Nigerians anxiously await a resolution to this standoff, hoping for relief from the crippling economic and social consequences. The IPMAN/NNPCL dispute has sparked concerns about the government's ability to manage the fuel subsidy removal and its impact on the masses.

Experts warn that if left unresolved, this crisis could exacerbate Nigeria's economic woes, leading to increased poverty, unemployment, and social unrest. The federal government must intervene promptly to address IPMAN's concerns and ensure fair practices in the petroleum sector.

The nation watches with bated breath as the IPMAN/NNPCL negotiations unfold, hoping for a swift resolution to alleviate the suffering of Nigerians.