NNPC fuel price adjustment, marketers must top up payments or request refunds, as IPMAN raises concerns over trapped funds and loading backlogs.
The Nigerian National Petroleum Company Limited (NNPC) has announced a fuel price adjustment, directing petroleum marketers to either top up their payments or request refunds before lifting products.
According to NNPC spokesperson Andy Odeh, the directive applies to marketers who had already paid for fuel through the company’s online portal prior to the latest price changes.
“Where payments have been made and there is a subsequent price adjustment before loading takes place, marketers are required to either pay the difference before lifting their products or, if they prefer, request a refund,” Odeh explained.
He added that refund requests have been received and are currently being processed in line with contractual obligations, noting that overall fund management falls under the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
IPMAN Raises Concerns
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed concerns over trapped funds in NNPC’s system. Publicity Secretary Chinedu Ukadike stated that members had paid for products but were unable to lift them due to backlogs in loading tickets.
“We are appealing to the GCEO to look at some of the outstanding tickets and clear them,” Ukadike said, describing the amount involved as “sizable.”
IPMAN members also noted that about ₦25 billion ($16 million) remains unpaid in petroleum equalisation funds, which were designed to maintain uniform pump prices nationwide.
Dangote Refinery Offers Alternative
Meanwhile, the Dangote refinery has continued offering alternatives to marketers, including free delivery options for registered participants. Industry observers say this development could further shift market dynamics as NNPC works to revamp the Port Harcourt refinery under a potential Technical and Equity partnership scheme.
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The NNPC fuel price adjustment marketers directive highlights the ongoing tension between the state oil company and independent marketers, raising questions about product availability and financial stability across the downstream sector.
