The National President of the Independent Marketers Association of Nigeria (IPMAN), Abubakar Garima, has expressed concerns regarding the pricing strategy of the Nigerian National Petroleum Company Limited (NNPC).
He reported that NNPC is currently requiring oil marketers to purchase petroleum products from its Lagos depot at a price of N1,010 per litre. This figure is notably higher than what NNPC reportedly paid to acquire the same products from the Dangote Refinery, which ranged between N800 and N900 per litre.
During an appearance on ChannelsTV’s Sunrise Daily, Garima highlighted that this pricing discrepancy is causing significant challenges for independent marketers.
He pointed out that while NNPC has raised petrol prices at its retail stations—N1,030 in Abuja and N998 in Lagos—many Nigerians are reacting with frustration to these increases, which represent a substantial rise in costs over the past months.
The recent price hike marks the second increase within a month, translating to approximately a 14.8% increase or an additional N133 per litre. Since the current administration took office, petrol prices have surged by over 430%, raising concerns about affordability and access for everyday Nigerians.
Garima attributed these price adjustments to the broader impacts of deregulation within the petroleum sector. He noted that while there had been hopes for reduced fuel prices following the naira-for-crude sales initiative, the reality has been different due to ongoing market dynamics.
The IPMAN president further elaborated on the financial strain faced by independent marketers, revealing that many are owed significant debts by NNPC.
He explained that marketers have been compelled to book products through NNPC but are now facing increased costs that exceed those offered by Dangote Refinery. This situation has led to calls for NNPC to either adjust its pricing or return funds owed to marketers.
