IPMAN Accuses NNPCL of Punishing Nigerians with Fuel Price Hike, Threatens Shutdown

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected the latest fuel price increase by NNPCL, accusing the company of punishing Nigerians and threatening a nationwide shutdown if prices aren’t adjusted.

Nigerians face further challenges as the Independent Petroleum Marketers Association of Nigeria has refused to accept the Nigerian National Petroleum Company Limited’s ex-depot price for Premium Motor Spirit.

Marketers representing more than 70 percent of filling stations in Nigeria have threatened to cease operations unless the NNPCL retracts its new petrol ex-depot price set at N1,010 per liter.

Chinedu Ukadike, the spokesperson for IPMAN, revealed this information during an interview with OBASANJONEWS on Friday morning.

He made these remarks following NNPCL’s announcement on Wednesday of a new price increase at its retail outlets nationwide, raising prices to between N998 and N1,030 in Abuja and Lagos State.

The state-owned company also announced that they will sell to marketers at prices ranging from N1,010 to N1,040 per liter.

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In response, Ukadike stated that the ex-depot petrol prices revealed by NNPCL indicate the company’s intention to perpetuate ongoing hardship for Nigerians.

He emphasized that IPMAN members will only accept petrol prices equal to or lower than those at NNPCL retail outlets.

He believes that NNPCL’s actions cannot be described as deregulation.

He mentioned that given the NNPCL petrol ex-depot price of N1010, oil marketers who operate most filling stations across the country will sell it at a rate of N1,200 per liter.

NNPCL is offering ex-depot sales at N1045 per liter in Port Harcourt, N1040 in Calabar, and N1010 in Lagos.

We reject the price set by NNPCL and cannot comply with it. We will not be transporting NNPCL petrol as we are not interested in these terms.

“NNPCL will keep burdening the populace. They’re selling at N998, so why are they charging us more than what they’re offering to IPMAN members at N1010? With logistics costs factored in, fuel prices could reach up to N1200,” he expressed angrily.

This indicates a potential fuel shortage across the nation.

OBASANJONEWS reported that most filling stations in Abuja were not providing fuel on Thursday.

The Nigeria Labour Congress previously demanded that the NNPCL promptly reverse the recent increase in fuel prices.

Nevertheless, on Wednesday, the Nigerian government attributed the fuel price hike in the country to market forces.