The Nigerian National Petroleum Company Limited (NNPCL) is facing intense pressure from petroleum marketers over unpaid debts totaling almost N15 billion.
Abubakar Garima, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), revealed this shocking figure during an interview on Channel TV’s Sunrise Daily.
Garima explained that IPMAN members have yet to load a single truck since NNPCL increased its pump price. When asked about the extent of NNPCL’s debt to its members, he stated, “Roughly, it is almost getting to N15bn. Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference.” He further emphasized that IPMAN’s funds have been tied up with NNPCL for nearly three months.
Garima urged NNPCL to either sell petroleum products to IPMAN members at the same rate they purchase from Dangote Refinery or provide a refund, enabling them to buy directly from Dangote. This demand comes after NNPCL commenced loading Premium Motor Spirit at Dangote Petroleum Refinery, yet most filling stations nationwide remain unsupplied.
The fuel scarcity persists, with prices ranging from N855 to N900 per liter at NNPCL and major marketers’ stations, while independent marketers sell for up to N1,000 per liter. Experts suggest that direct supply from Dangote Refinery could alleviate the crisis. In fact, Nairametrics reported that Dangote’s supply can cover approximately 44% of local demand, potentially ending fuel importation and market manipulation.
The controversy surrounding NNPCL’s debt to petroleum marketers has sparked widespread criticism, with many calling for increased transparency and accountability within the state-owned energy company. As the situation unfolds, Nigerians eagerly await a resolution to the fuel scarcity and the payment of IPMAN’s outstanding debts.