Oil Marketers Archives - Page 3 of 4

?200bn debt: Petrol marketers threaten withdrawal of services amid fuel scarcity

May 1, 2024May 1, 2024 Aminu Imam

The Independent Petroleum Marketers Association of Nigeria, (IPMAN), has threatened to cripple the supply of Premium Motor Spirit (PMS), also known as petrol, over non-payment of ?200bn bridging claims. The threat comes following current nationwide scarcity which has seen prices of Premium Motor Spirit (PMS), also known as petrol, surge to between N610 and N800 at the pump, and between N1000 and N1200 at black market. The association�s Unit Chairman and Spokesperson, Aba Depot, Oliver Okolo, who made the threat, said it was with the backing of the IPMAN�s national…

‘Fuel scarcity�ll last for 2 more weeks’ � IPMAN

April 30, 2024April 30, 2024 Aminu Imam

…Says NNPC not supplying them with products The Independent Petroleum Marketers Association of Nigeria, (IPMAN), said yesterday that the petrol scarcity currently spreading to more States across the country will take at least two weeks to normalise. This is even as the Nigerian National Petroleum Company Limited, (NNPCL), insisted yesterday that it has adequate stock of the product. However, IPMAN’s Public Relations Officer, Chinedu Ukadike, said the product is not available in the country, adding that it has become a bit of a challenge to source the product because most…

?”Why diesel won’t sell for N950 despite ?angote Refinery’s price crash’ – Marketers�

April 28, 2024April 28, 2024 Aminu Imam

Marketers have explained that selling diesel to Nigerians at a price below N1,000 is not possible for now, despite the announcement of a price crash by the ?angote Refinery, which offered them the opportunity to purchase at N940 per litre. ?The marketers explained that after purchasing products, they must take into consideration taxes, distribution costs, and regulatory hurdles in order to break-even. ?Recall that ?angote Petroleum Refinery, on Tuesday, announced a further reduction in the prices of diesel and aviation fuel to N940/litre and N980/litre respectively. The price change of…

Marketers speak on new petrol price

March 27, 2024March 27, 2024 Aminu Imam

The price of petrol has crashed from N640 per litre to N630 per litre. According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), National President, Abubakar Maigandi, the market started responding positively, as soon as the private depots got a wind of the Nigeria National Petroleum Company Ltd, (NNPCL)’s assurance to supply petrol directly to the independent marketers. He said, �The price has started reducing, since NNPCL is giving independent marketers their direct allocation. NNPCL said they will give us direct product instead of taking it to private depot…

�NIMASA, NPA dollarisation of charges will affect petrol pump price� – Oil marketers

March 9, 2024March 9, 2024 Aminu Imam

Major downstream marketers under the umbrella of the Major Energies Marketers Association of Nigeria, (MEMAN), have raised alarm that the country may face more challenges in the petroleum products distribution and supply chain, going by the current foreign exchange market intricacies. The Executive Secretary of the Association, Clement Isong, made this known at a media forum organised by the association on Thursday, in Lagos. Isong lamented that the market and Nigerians will bear the final brunt of Government policy that allows Nigeria Ports Authority (NPA ) and the Nigerian Maritime…

Marketers hint at N800 petrol price, amid surging landing cost, worsening FX constraints

October 30, 2023October 30, 2023 Aminu Imam

Marketers of petroleum products in Nigeria have hinted that the pump price of petrol in the country could rise further to between N700 and N800 per litre, up from the current N580 � N617 per litre. The oil marketers gave the hint in Lagos at the just-concluded Oil Trading and Logistics (OTL) Africa Downstream Expo, where they expressed their frustration over the return of a regulated petrol pricing regime amid rising landing costs, and shortage of foreign exchange. Moderating one of the panel sessions with the topic: �Africa Fuels Update…

Fuel scarcity looms, as landing cost of petrol hits N720/litre

October 7, 2023October 7, 2023 Aminu Imam

�NNPC clarifies Many petroleum product depots are currently deserted due to a lack of supplies caused by currency volatility, as the landing cost of Premium Motor Spirit (PMS), also known as petrol, has risen to N720 per litres, oil marketers have said. Petroleum product dealers also indicated that filling stations were closing down in huge numbers on a daily basis because the industry was getting increasingly difficult to maintain. According to them, this could lead to widespread gasoline scarcity in the coming months. It was also gathered that the cost…

Marketers eye fresh fuel price hike, as crude hits $94

September 18, 2023September 18, 2023 Aminu Imam

The rise in the cost of crude oil, coupled with the depreciation of the naira against the United States dollar, might lead to a hike in the pump price of Premium Motor Spirit, popularly called petrol, oil marketers stated on Sunday. It was also gathered that the sharp rise in crude oil price to about $94/barrel and the crisis around forex, had warranted a gradual increase in the amount being quietly spent as subsidy on petrol by the Federal Government. Dealers in the downstream oil sector explained that the cost…

�Tinubu administration still paying subsidy on petrol� � Oil Marketers

August 20, 2023August 20, 2023 Aminu Imam

The Independent Petroleum Marketers Association of Nigeria, (IPMAN), has said the Federal Government is still clandestinely paying subsidy on petrol to maintain the current pump price. Presently, petrol sells for between N568 and N617 in different parts of the country, and as of Thursday, the ex-depot price of petrol stood at N580 per litre in Lagos. After adding the cost of conveying it to filling stations and the marketers� profit margin, it ought to sell for between N620 and N630 per litre. It was gathered that the difference however, represents…

Subsidy Removal: Tinubu directs NEC to work on interventions

June 8, 2023June 8, 2023 Aminu Imam

�As Oil marketers donate buses worth N10bn to FG President Bola Tinubu has directed the National Economic Council (NEC), led by Vice-President Kashim Shettima, to begin the process of working on interventions in order to ameliorate the impact of fuel subsidy removal on Nigerians.� This is as some major oil marketers announced their intention to donate 50 to 100, fifty-seater mass transit buses that will cost N10 billion to the Nigerian government over fuel subsidy removal. Ogun State governor, Dapo Abiodun, stated this after leading some major oil marketers on a…