Abuja, Oct. 16, 2024 – The Nigerian National Petroleum Company Limited (NNPCL) has refuted entering into any petrol price agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) or other marketers.
Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, denied any such agreement in a statement on Thursday.
Soneye said fuel prices were determined by market forces and not by agreements between NNPC and marketers under the current deregulated regime.
“There is no price agreement between IPMAN, NNPC, or any marketer.
The market forces determine prices under the current deregulated regime,” he said.
Soneye said NNPC only provided a one-time N3 discount to marketers with funds deposited at NNPCL to facilitate fuel lifting and prevent shortages.
He said this was just a temporary measure, stressing that prices were still determined by market forces and not by NNPCL.
The IPMAN members, led by its President, Abubakar Maigandi, had on Wednesday claimed that they had reached an agreement with NNPCL to reduce ex-depot price of petrol for its members from N958 per litre to N955 per litre. (GBN)
