The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the Nigerian National Petroleum Company Limited (NNPC) has started refunding the N15 billion owed to its members.
This development follows months of a pricing dispute over payments made by IPMAN members for petrol supplies.
NigeriaMedia earlier reported that IPMAN accused NNPC Limited of attempting to sell petrol to its members at a higher price than they had previously paid.
The standoff has resulted in many filling stations across the country being shut down.
ThisDay reports that Chinedu Ukadike, IPMAN spokesman, said the refund process began after the Department of State Service (DSS) intervention.
The report noted that the DSS brokered a peace deal between the parties involved.
He said:
“We attended a meeting with the DSS Director who intervened in our matter.
“The refund process is underway, with NNPC returning funds to individual marketers’ wallets.”...Read Full Article [Click Here>]
He also revealed that a direct purchase from the Dangote refinery will now be made.
He added:
“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has agreed to issue licenses to marketers for direct off-take from the Dangote refinery.
“This move aligns with Nigeria’s deregulated downstream market, granting eligible firms the capacity to import petrol directly.”
Ukadike also disclosed that NMDPRA has approved N10 billion to settle outstanding payments under the Petroleum Equalisation Fund (PEF) owed to IPMAN.
He added:
“NNPC has also agreed to reduce the selling price to marketers from N1,040 per litre to about N1,000.”
Ukadike also mentioned that there are ongoing discussions to establish pricing terms with the Dangote refinery.
