IPMAN threatens to stop operations over NNPC price

IPMAN wants to advise that there is no need for that, section 48(1) of PIA empowers NWDPRA to solely supervise activities of marketers and they have the capacity to do their work

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the National National Petroleum Company (NNPC) Limited buys petrol at N898/litre but sells to its members at N1,010/litre in Lagos, threatening to stop operations.

Speaking on Channels TV ‘Sunrise Daily’ programme on Thursday, Abubakar Maigandi, national president of IPMAN, threatened to stop operations over the price, noting that marketers paid NNPC for petrol but have not received the product for three months.

“Our major challenge now is that, already, we have an outstanding debt by the NNPC and the company collected product through Dangote refinery at a lower rate, not up to N900. Presently, our money has been with them (NNPC) for almost three months.” the IPMAN president said.

“We have a problem with that because we buy products from them, which is is the reason why we told them to return our monies to our banks so that we can go directly to Dangote refinery and buy, if that’s the case.”