Nigeria’s oil marketers have revealed that the Director General of the Department of State Services (DSS), Adeola Ajayi, has stepped in to address their concerns about skyrocketing petrol prices and unpaid debts owed by the Nigerian National Petroleum Company Limited (NNPCL). This was confirmed by the Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, during an interview with OduNews.com over the weekend.
Following a meeting on Wednesday between petroleum marketers and the DSS, Ukadike disclosed that the intervention came after petrol prices surged to N1,030 per liter, raising alarm among marketers who had threatened to halt operations due to high costs.
Ukadike provided details of the meeting, stating that Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), pledged to grant petroleum marketers bulk purchase licenses. These licenses will allow them to purchase petrol directly from the Dangote Refinery, potentially easing supply chain challenges and reducing costs.
Additionally, NMDPRA committed to releasing N10 billion to settle outstanding debts owed to the marketers, a move aimed at preventing further disruptions in fuel distribution. “The Director of the Department of State Security has intervened in our complaints about high petrol prices, debt owed to us, and challenges facing the oil and gas sector. He asked us to be patient and made some calls to resolve the issues,” Ukadike stated.
The crisis was triggered by the ex-depot price of N1,010 per liter set by NNPC, which oil marketers claimed was unsustainable, as the retail price of petrol hovered around N1,030 per liter. They had previously warned of a possible shutdown of operations if no action was taken to address their concerns, particularly over debts reportedly exceeding N15 billion.
This intervention comes after the Dangote Refinery commenced petrol distribution on September 15, 2024, with NNPCL acting as the sole off-taker.
