NNPCL Set to Disburse N15bn in Products to Marketers Following DSS Intervention

 

Nigerian National Petroleum Company Limited Responds to Independent Marketers

 

After mediation efforts led by Adeola Ajayi, the Director General of the Department of State Services (DSS), the Nigerian National Petroleum Company Limited (NNPCL) has reached an agreement that allows independent oil marketers to load products worth N15 billion, which they are owed.

 

This announcement was made by Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), and reported by Vanguard.

 

The resolution followed a meeting that included a director from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) alongside Mele Kyari, NNPCL’s Group Chief Executive Officer, permitting independent marketers to recommence product loading.

 

According to Ukadike, “The DSS Director invited us to help resolve the disputes concerning pricing and the Dangote Refinery’s failure to provide Premium Motor Spirit (PMS) to IPMAN. Following productive negotiations, NNPCL has consented to lower certain fees and has enabled immediate loading of tickets valued at N15 billion.”

 

Furthermore, he mentioned that NMDPRA intends to grant IPMAN import licenses, which will support the full deregulation of the oil industry.

 

Nevertheless, NMDPRA spokesperson George Ene-Ita expressed his unawareness of both the meeting and any license approvals, stating, “I was not part of it.”

 

In another development, NMDPRA has pledged to provide N10 billion to oil marketers as part of the pending payments from the Petroleum Equalisation Fund (PEF).