Amid a deepening fuel scarcity nationwide, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a stern ultimatum to the Federal Government, demanding the settlement of a ₦200 billion debt owed to the association. The failure to address this issue, IPMAN warns, could lead to dire socio-economic consequences for the nation.
The crux of IPMAN’s grievance lies in the non-payment of bridging claims amounting to ₦200 billion by the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA). This refusal to settle the debt has prompted IPMAN to consider withdrawing its services, potentially disrupting the supply of Premium Motor Spirit (PMS), commonly known as petrol.
According to IPMAN spokesperson Mazi Oliver Okolo, the association’s national leadership is fully aligned with this firm stance. Okolo emphasized that the outstanding debt, accrued over time, has severely impacted the operations of IPMAN members, leading to business closures and financial distress.
Despite a directive from Petroleum Minister (Oil) Heineken Lokpobiri to settle the debt, only a fraction—₦13 billion—has been paid since February 2024. This delay, coupled with the soaring prices of petrol at pumps and black markets, has exacerbated the situation, with prices ranging from N610 to N800 per litre at retail outlets and up to N1000 to N1200 on the black market.
IPMAN also points fingers at the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petroleum products, alleging that their practices have contributed to the current scarcity. Okolo highlighted the additional financial burden placed on IPMAN members, who must pay inflated prices to transport fuel to various parts of the country.
In a strongly worded statement, IPMAN urged President Bola Tinubu to intervene promptly, emphasizing the detrimental impact of the debt on their businesses and its potential repercussions for the masses. The association rejected proposed increments in sales and storage licenses by NMDPRA and called for immediate government intervention to resolve the impasse.
IPMAN’s warning underscores the gravity of the situation, with the association prepared to take drastic measures if their demands are not met swiftly. The looming threat of a fuel supply withdrawal adds urgency to the need for a resolution, as Nigeria grapples with the crippling effects of prolonged scarcity on its economy and populace.
