Business
NNPCL Stops Petrol Sales to IPMAN Amid Price Surge and Fuel Shortages
The Nigerian National Petroleum Company Limited (NNPCL) has reportedly halted the sale of Premium Motor Spirit (PMS), commonly known as petrol, to the Independent Petroleum Marketers Association of Nigeria (IPMAN).
This decision follows a recent increase in fuel prices announced by NNPCL on Tuesday.
The price surge has seen the cost of petrol at major filling stations in the Federal Capital Territory (FCT), Abuja, Lagos, Delta, and Enugu states rise to between N855 and N1,000 per litre
In response to the NNPCL’s price adjustment, some independent marketers have escalated their prices further, with reports indicating that fuel is being sold at N1,200 to N1,300 per litre in various states.
Despite the substantial increase in pump prices, many filling stations across the country have suspended fuel dispensing.
This shortage has led to significant disruptions, with a notable absence of fuel availability in major urban centres.
On Wednesday, Hammed Fashola, the National Vice President of IPMAN, confirmed that the NNPCL had suspended the issuance of tickets for petrol loading, effectively barring IPMAN members from acquiring fuel from the depots.
“Yes, our tickets were suspended for loading. They have not been attending to us since yesterday (Tuesday), and there is no official communication yet,” Fashola stated.
At the time of this report, Abubakar Maigandi had not provided a statement on the issue, and NNPCL’s Spokesperson, Olufemi Soneye, had yet to comment on the matter.
The NNPCL has not released any official announcement regarding the recent price adjustments or the halting of fuel sales.
The situation has sparked protests, with tricycle operators in Delta State taking to the streets to express their discontent over the rising cost of petrol.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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