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 had 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.
