The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a stern warning of potential disruption to the supply of Premium Motor Spirit (PMS), commonly known as petrol, due to outstanding bridging claims amounting to ₦200 billion. 

This threat comes amidst a nationwide scarcity of petrol, driving prices at the pump to as high as between N610 and N800, with even steeper rates ranging from N1000 to N1200 in the black market.

According to Mazi Oliver Okolo, the unit chairman and spokesperson for Aba Depot, IPMAN’s threat is backed by the association’s national leadership. Okolo alleges that the debt is owed by the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA). 

Despite directives for payment from Petroleum Minister (Oil) Heineken Lokpobiri issued in February 2024, only a fraction of the debt, ₦13 billion, has been disbursed to IPMAN members. This delay in payment has severely affected their businesses, leading to widespread disruptions and retrenchment of employees.

Okolo places blame on the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petroleum products, for exacerbating the current nationwide scarcity. He alleges that NNPC Ltd imports the products and supplies them to private depots at exorbitant prices ranging from ₦820 to ₦950 per litre.

IPMAN members then incur additional costs of ₦2 million to transport the products to other parts of the country, making it economically unfeasible for them to sell at the agreed pump price.

The IPMAN members have called upon President Bola Tinubu to intervene in the matter, which they deem highly detrimental to their businesses. They emphasize the potential negative impact on the masses if the issue is not promptly addressed and reversed.