NNPCL reaches agreement with marketers after DSS-led mediation

A peace agreement has been reached between the Nigerian National Petroleum Company Limited (NNPCL) and independent oil marketers following mediation led by the Director General of the Department of State Services (DSS), Adeola Ajayi.

This resolution aims to resolve the ongoing dispute between the two parties, which had earlier escalated over pricing and product supply issues.

Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that NNPCL has agreed to allow the loading of petroleum products to cover the N15 billion owed to the marketers.

This agreement came after a crucial meeting involving key players from NMDPRA and NNPCL’s Group Chief Executive Officer, Mele Kyari.

Ukadike further disclosed that NNPCL has reduced certain charges to ease the strain on marketers, while NMDPRA has committed to issuing import licenses to IPMAN, supporting the full deregulation of the oil sector. This will allow independent marketers to resume operations and boost product supply.

However, George Ene-Ita, the spokesperson for NMDPRA, claimed he was unaware of the meeting or any license approvals, adding some uncertainty to the regulatory authority’s role in the agreement.

In addition to the product loading arrangement, NMDPRA has also committed to making a payment of N10 billion to oil marketers, addressing part of the outstanding funds owed under the Petroleum Equalisation Fund (PEF).