Business

Marketers Kick As NNPCL Delays Fuel Supply

Published

2 years ago

January 24, 2024

Oil marketers under the aegis of the Independent Petroleum Marketers Association of Nigeria have berated the Nigerian National Petroleum Company Limited for alleged delay in the supply of petroleum products.

As a result, the marketers said they had been forced to boycott the NNPCL to source fuel from private depot owners at a higher cost.

In an exclusive interview with The PUNCH, the National Vice President of IPMAN, Hammed Fashola, asked the Federal Government to review the current distribution pattern with a view to giving priority to IPMAN members.

According to him, independent marketers own 80 per cent of the filling stations in Nigeria and, as such, deserve the “lion share” in fuel allocation.

Fashola said, “More so, we buy products from NNPCL cash and carry. We don’t enjoy any credit facility with the NNPCL. There are times we pay for products, and you don’t get the products for two or three months. You have your money in the coffers of the NNPCL, which means they are trading with our money.

“If I am not exaggerating, we should be talking of over N300bn, when you consider the number of marketers all over Nigeria. Our money is always there trapped, while we keep struggling to get fuel.”

He narrated that marketers usually pay through the NNPCL portal with the hope of getting the product in two three days; but “that two three days will turn into months if they don’t have products or they are out of stock, you have to wait, and your money will be there.”

Fashola emphasised that IPMAN members “have our money in billions in the NNPCL wallet. Apart from that, we have invested so much, especially the northern marketers, now their money is trapped, in billions. They cannot even afford to buy products again because of that money there”.

He lamented that some marketers, who borrowed from banks could not pay back their loans, stating that many operators were being forced to put up their stations for sale “to offset debts because marketers are going through a lot.”

He stated further that, “When NNPCL open their portal and you pay in, with the hope of getting your product soon. In the process, there will be delay; maybe you pay for two trucks and you could not get it in three weeks or one month, you cannot leave your station idle. You will be forced to go to private depot and buy, just to wet your station. If the product is flowing, nobody will go to private depot.”

Fashola said the association was communicating with the NNPCL on the trapped capital.

“We are always in touch with the NNPCL. We have a communication channel. When they receive, they give the little they can give. One thing we discovered through our interaction with them is that they have their own constraints too. With the sharing formula with the passing of the PIA, they are only entitled to 30 per cent, because they are trying to avoid monopoly of market, that’s a problem on their own side too.

“If they get 30 per cent, and out of the 30 per cent, they are giving IPMAN, there will be problems. They have their retail outlets too. They have acquired Oando and the stations they got from Oando are not less than 900, this in addition to the ones they have before. But I believe they must do something about their sharing formula. If we have to take from the NNPCL, I think they have to increase what they are giving the NNPC Retail.”

When contacted, the NNPCL spokesman, Femi Soneye, said he was not aware of any IPMAN fund trapped in the NNPCL account.

According to him, IPMAN has an appropriate channel through which it communicates with the company.

Soneye requested that whoever makes such allegations should provide evidence.

“I am not aware of anything like that. IPMAN has an appropriate channel through which they communicate with us. Whoever makes that allegation in IPMAN should provide the evidence. We still had a meeting with IPMAN today (Monday) and nothing of such was mentioned,” he told our correspondent in a telephone conversation.

PUNCH

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

7 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.