The Nigerian National Petroleum Company Limited has agreed to sell Premium Motor Spirit (petrol) to members of the Independent Petroleum Marketers Association of Nigeria at N995 per litre.
This follows the intervention of the Department of State Services in the controversy between the two parties. The National Vice President of IPMAN, Hammed Fashola, told our correspondent that the DSS’s intervention solved many of the problems facing marketers.
Fashola also confirmed that through their intervention, the Nigerian Midstream and Downstream Petroleum Regulatory Authority agreed to pay the association’s outstanding N10bn while resolving issues about the direct purchase of petrol from the Dangote refinery.
With the N995 ex-depot price, Fashola assured that IPMAN members would no longer sell at prices much higher than that of major marketers, saying, however, that distance is another factor for pricey PMS.
The IPMAN leader emphasised that IPMAN is interested in prices that would be competitive, saying the price disparity has been a disadvantage to independent marketers. Fashola explained that the price differential is the reason for the queues in some filling stations in the cities.
