Independent Marketers Say Private Depots Petrol Sell Cheaper Than NNPC, Reveal Plans to Import 40m Litres

Jul 31, 2023 | Uncategorized

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  • Private depot owners are reportedly selling petrol cheaper than the Nigerian Petrol Company Limited (NNPCL)
  • Per a statement by the Vice President of the Independent Petroleum Marketers Association of Nigeria, Maigandi, depot owners sell N2 cheaper than NNPCL
  • He IPMAN intends to import 40 million litres of petrol by August as soon as it gets license from NMDPRA

Independent Petroleum Marketers Association of Nigeria (IPMAN) says private depots with imported petrol sell the product cheaper than the Nigerian National Petroleum Company Limited (NNPCL).

Petrol prices, Private Depots, IPMAN
Private depots reportedly selling petrol cheaper than NNPCL
Credit: Peter Charlesworth / Contributor
Source: Getty Images

IPMAN’s National Vice President, Abubakar Maigandi, revealed this and named the prominent private marketers Emadeb Group Services Limited and AYM Shafa Limited.

NNPC N556.60 per litre, private depots N555 litre

Maigandi said that while NNPCL sells its products at N555 per lire, private depots sell them at N556.60 per litre.

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He revealed that the demand for the product has begun to increase marginally.

The Nation reports that Maigadi said that customers have gradually begun to purchase the product, selling between N555 and N556.50 per litre.

According to him, IPMAN also plans to import 40 million litres of petrol as soon as it gets clearance from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

He noted that the association has yet to order the product but revealed that it hopes to bring it in as soon as NMDPRA gives it the licence by August 2023.

Emadeb boss confirms cheaper prices

The IPMAN Vice President said the NNPC still owes members of the association a vast amount for the tickets they paid for while the subsidy existed.

Reports say the CEO of Emadeb Energy Services Limited, Adebowale Olujimi confirmed on Sunday, July 30, 2023, that it is selling the product cheaper than NNPCL.

He said the marginal difference in prices is a way to provide palliative to Nigerians.

He said:

“Emadeb sells at N614 per litre in Lagos, representing a difference of N3.00 compared to NNPCL’S N617 per litre.”

Fuel scarcity looms as Independent Petroleum Marketers in the North threaten to shutdown operations

Legit.ng reported that according to Musa Yahya Musa Yahya, the Northern Petroleum Petroleum Marketers Forum (NIPMF) Chairman, the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) owes the association over N250 billion in bridging claims for 2022.

Yahya disclosed this during a meeting in Kano State, adding that failure to pay the debt will impact the distribution of petroleum products across the northern states.

He said that the Forum members can no longer afford to ferry petroleum products for sale to various outlets due to high operating costs.

Source: Legit.ng

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