Abubakar Garima, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has revealed that the Nigerian National Petroleum Company Limited (NNPCL) owes the association close to N15 billion.

Garima made this known during an appearance on Channels Television’s program, The Morning Brief, where he answered questions about the ongoing issues between IPMAN and NNPCL.

In response to a direct inquiry about the debt, Garima stated, “As it stands, NNPCL is owing IPMAN almost N15 billion.”

His comments bring to light a significant financial strain on the independent marketers, which has been building for some time due to what many industry players describe as delayed payments and other unresolved transactions.

This disclosure comes on the heels of NNPCL’s decision to increase the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to a staggering N1,030 per litre.

The hike has left many Nigerians reeling from the shock, as they struggle to cope with an already challenging economic environment.

The new fuel price was noticed at various NNPCL stations in the nation’s capital, Abuja, on Wednesday, leading to widespread concerns.

The decision to increase the price has not been well-received by the public.

Citizens across the country have voiced their frustrations, condemning the latest fuel price hike, which many fear will worsen inflation and raise the cost of living even further.

With the price of fuel now over the N1,000 mark, transportation costs are expected to soar, which will have a ripple effect on food prices and essential goods.

This, in turn, has sparked debates about the government’s handling of fuel subsidies and the overall management of the oil sector.

For its part, IPMAN, a key stakeholder in the distribution and retail of petroleum products across Nigeria, has found itself in a difficult position.

The association’s members have long played a crucial role in ensuring the availability of fuel in both urban and rural areas.

However, the large debt that NNPCL owes IPMAN has added strain on the marketers, limiting their ability to operate efficiently and meet the demands of consumers.

The association has called on NNPCL to resolve the issue swiftly to prevent further disruptions in the supply chain.

NNPCL, which was previously a government-owned entity, transitioned into a limited liability company, a move aimed at allowing it to operate as a commercial enterprise.

However, the shift has not come without challenges. The oil giant has faced significant pressure to address Nigeria’s fuel scarcity and fluctuating prices, issues that have plagued the country for decades.

With the latest increase in fuel prices, many are questioning whether NNPCL is effectively managing its new role in the liberalized oil market.

The debt owed to IPMAN further complicates the situation, as independent marketers are critical to ensuring fuel reaches all parts of the country, particularly in areas where major oil companies may not operate.

Many are worried that if the debt remains unpaid, it could lead to a slowdown in fuel distribution, exacerbating the already precarious situation.

This latest development has reignited calls for reforms within Nigeria’s petroleum industry, with many stakeholders urging the government and NNPCL to adopt more transparent and effective policies to stabilize fuel prices and ensure the steady supply of petroleum products across the country.

At the heart of the issue lies the challenge of balancing market forces with the need to protect consumers from exorbitant prices, a task that has proven difficult for successive administrations.

As Nigerians grapple with the rising cost of petrol, many will be watching closely to see how NNPCL and IPMAN resolve their financial differences and whether the government will take action to alleviate the burden on citizens.