NNPCL To Release N15bn Worth Of Products To Marketers After DSS Intervention

A peace agreement has been reached between the Nigerian National Petroleum Company Limited (NNPCL) and independent oil marketers, following a mediation led by the Director General of the Department of State Services (DSS), Adeola Ajayi.

The agreement will see NNPCL allow the loading of products to cover the N15 billion owed to the marketers.

Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), disclosed the outcome during an interview with newsmen.

The meeting, which included a director from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and NNPCL’s Group Chief Executive Officer, Mele Kyari, facilitated a resolution, allowing independent marketers to resume product loading.

Ukadike explained, “We were invited by the DSS Director to mediate the ongoing dispute between IPMAN and NNPCL over issues including pricing and the non-compliance of Dangote Refinery in selling Premium Motor Spirit (PMS) to IPMAN. After a successful mediation, NNPCL agreed to reduce some charges and allow marketers to immediately load tickets worth N15 billion.”

Additionally, Ukadike revealed that NMDPRA agreed to issue IPMAN import licenses, enabling the association to embrace full deregulation of the oil sector.

However, NMDPRA spokesperson George Ene-Ita stated he was unaware of the meeting or any license approvals, saying, “I was not part of it.”

Meanwhile, NMDPRA has committed to making a payment of N10 billion to oil marketers as part of the outstanding funds under the Petroleum Equalisation Fund (PEF).