NNPC Owes Petroleum Marketers N15bn — IPMAN

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Garima, has revealed that the Nigerian National Petroleum Company Limited (NNPC) owed petroleum marketers almost N15 billion.

Garima who disclosed this on Thursday said members of the association have not yet loaded a single truck since the NNPC increased its pump price.

“Roughly, it is almost getting to N15 billion. Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference.

“Our money has been with the NNPCL for almost three months now. Either they sell for us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery,” Garima said.

The disclosure came just a day after the NNPC increased the prices of fuel at its retail outlets in Lagos and Abuja.

LEADERSHIP reports that the pump price of a litre rose to N1,030 from N897 in Abuja, in other filling stations, the price of fuel sold for as much as N1,050 in some parts of Lagos State.

IPMAN however noted that the move is the effect of the full deregulation of the sector.

“Well, we know now that we cannot call it an increase but rather, we can call the removal of subsidy deregulation. Now, deregulation has started taking place fully,” Garima said.