The Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to resolve the dispute over the pricing of Premium Motor Spirit (PMS), also known as petrol, Okay.ng reports.
This comes after IPMAN threatened to cease operations nationwide due to the high costs associated with loading petroleum products from NNPCL facilities.
The dispute arose because NNPCL sold petrol to independent marketers at a higher price than it purchased from the Dangote refinery. Specifically, NNPCL bought petrol from Dangote at N898/litre but sold it to marketers at N1,010/litre in Lagos, N1,045 in Calabar, N1,050 in Port Harcourt, and N1,040 in Warri.
However, after a peace meeting facilitated by the Department of State Services (DSS) Director General, Adeola Ajayi, NNPCL agreed to reduce the price and allow marketers to load products worth N15 billion.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also agreed to issue import licenses to IPMAN to enable full deregulation in the sector.
Additionally, NMDPRA has resolved to pay N10 billion to oil marketers as outstanding payments under the Petroleum Equalisation Fund.
This resolution is a significant step towards resolving the dispute and ensuring the stability of the oil sector in Nigeria.
