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Scarcity looms as marketers threaten showdown with NNPC

Scarcity looms as marketers threaten showdown with NNPC
November 29
23:24 2017
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Independent petroleum marketers in Lagos have threatened to withdraw their services from December 11 over the alleged breach of agreement by the Nigerian National Petroleum Corporation (NNPC).

The Independent Petroleum Marketers Association of Nigeria (IPMAN) in the state accused the NNPC of breach of bulk purchase agreement to sell fuel to them at N133.28 per litre.

In statement on Wednesday, Alanamu Balogun, the state chairman of IPMAN, said the association is set for a showdown with NNPC over irregular fuel supply at Ejigbo satellite depot.

He said its members have been running their fuel stations at a loss in the last eight months due to “NNPC’s default” in the bulk purchase agreement.

“Now, a litre of petrol is being sold to IPMAN members by Depot and Petroleum Products Marketers Association (DAPMAN) at N141, apart from running costs, bank charges and other expenses,” the statement read.

“This made it impossible for IPMAN members to sell a litre of fuel at the controlled price of N145, but N146 per litre.

“While the NNPC had refused to sell fuel to its members regularly, the corporation is diverting the supplies to DAPMAN at a price of N117 per litre.

“DAPMAN in turn is selling to IPMAN members at N141 per litre.”

IPMAN, therefore, called on President Muhammadu Buhari, the national assembly, the ministry of petroleum resources, and other relevant stakeholders to address the issue.

“If not, IPMAN members will withdraw their services and shut down all their stations in Lagos state,” it said.

“We have endured enough and are set for a showdown with NNPC for irregular supply at Ejigbo satellite depot.”

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NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
February 04, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
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