NewsOnline Nigeria reports that the Nigerian National Petroleum Company Limited (NNPCL) has firmly denied claims of any price agreement regarding Premium Motor Spirit (PMS), commonly known as petrol, with the Independent Petroleum Marketers Association of Nigeria (IPMAN) or any other parties.
This clarification follows statements made by IPMAN President, Abubakar Maigandi, who indicated that NNPCL had agreed to lower the ex-depot price of petrol for its members from ₦958 per litre to ₦955 per litre.
In response, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, emphasized that no such agreement exists.
He said, “There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime.”
He further noted that NNPC had only provided a one-time ₦3 discount to marketers with funds deposited at NNPC to facilitate fuel lifting and prevent shortages.
Soneye added, “This was a temporary measure. Prices are still determined by market forces, not by NNPC Ltd.”
This comes after IPMAN confirmed that the NNPCL had started refunding the ₦15 billion owed its members.
Before the current developments in the downstream sector, the oil sector players under the Independent Petroleum Marketers Association of Nigeria (IPMAN), said that they had paid the money to the NNPC for supply of petrol.
Senate has confirmed the 21 fresh appointees by President Tinubu for RMAFC. NewsOnline Nigeria…
Umar Sani has hinted on Nyesom Wike’s suspension from PDP. NewsOnline Nigeria reports that…
Reps have directed President Tinubu to submit the 2025 budget to the parliament with immediate…
FG is planning a cash transfer to 20 million poor Nigerians. NewsOnline Nigeria reports…
Details of how PMS Prices skyrocketed from N175 to N1,030 under Tinubu as Petroleum Minister…
High petrol Prices have reportedly pushed inflation to 32.70%. NewsOnline Nigeria reports that Nigeria’s…