IPMAN Alleges NNPC’s Refusal to Supply Petrol at Previously Agreed Price Despite Advance Payments

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the Nigerian National Petroleum Corporation (NNPC)’s refusal to supply petrol at the previously agreed prices, despite prior payments made by marketers.

In a recent statement, IPMAN accused NNPC of breaching their contractual agreement by refusing to deliver petroleum products at the old prices, even after several marketers had fulfilled their payment obligations. This development, according to IPMAN, has created operational and financial challenges for its members, many of whom have been left in a difficult position regarding product availability and pricing stability.

IPMAN noted that the situation threatens the sustainability of their operations and could lead to potential shortages or price hikes at the retail level, further burdening consumers across the country. The union emphasized that petroleum marketers have always cooperated with NNPC and other regulatory agencies to ensure seamless fuel distribution, even in times of market fluctuations and disruptions.

In light of this, IPMAN is urging NNPC to honor its commitment and release the outstanding products at the previously agreed rates to avoid a disruption in fuel supply and restore trust in the contractual agreements. The association also called on the relevant government agencies to intervene promptly, ensuring that the petroleum supply chain remains stable and that the interests of both marketers and consumers are safeguarded.

This standoff between IPMAN and NNPC, if unresolved, could potentially have broader implications for the petroleum sector and the availability of fuel in the country, leading to increased costs and operational challenges for independent marketers.