A fresh crisis may be brewing between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Nigerian National Petroleum Company Limited (NNPCL), over a N15 billion debt owed the former for unsupplied petroleum products.

National President of IPMAN, Mr. Abubakar Garima, stated this on Thursday when he featured on Channel TV?s Sunrise Daily.

Garima said its members have yet to load a single truck of Premium Motor Spirit which it has paid for close to three months.

?Roughly, it is almost getting to N15 billion. Our money is already with the NNPCL. It has refused to give us the product we paid for and is asking us to complete the difference. Either they sell to us at the same rate they are getting the product from Dangote Refinery or refund us so we can buy directly from Dangote Refinery.?

This was as the National PRO of IPMAN, Mr. Okanlawon Olanrewaju, told Daily Sun in a telephone conversation that the National Executive Council of IPMAN would be meeting next week Wednesday in Abuja over the matter.

He said the monies being withheld by NNPC Ltd for close to three months are loans taken from banks by its members and already accumulating interest.

?For now, I cannot say what the next line of action would be on this matter. But all I can tell you is that, by next week Wednesday, we will decide the next line of action.

But, the Chief Corporate Communications Officer (CCCO) of NNPC Ltd, Mr. Olufemi Soneye, in a WhattsApp message response to Daily Sun inquiry on the N15 billion debt, said the claim by IPMAN is false.

The association President also claimed that NNPC Ltd sells a litre of premium motor spirit (PMS) commonly known as fuel for N1,010 to its members in Lagos.

??NNPC Ltd collected products through Dangote at a lower rate which is not up to N900 but they are telling us now to buy this product from them at the price of N1,010 per litre in Lagos, N1,045 in Calabar, N1,050 in Port-Harcourt and N1,040 in Warri.

Our money is already with the NNPC Ltd. It has refused to give us the product we paid for and is asking us to complete the difference.?

Meanwhile, fuel queues which resurfaced in major parts of Lagos yesterday, is fast spreading across the metropolis following the hike in the price of petrol from N855 to N998 per litre.

Most of the filling stations monitored yesterday, had long queues of vehicles waiting in line for the product.

The hike has led to commuters being stranded at various bus stops as commercial bus operators, mini bus operators and Keke Marwa riders have all hiked transport fare.

A ride from Abule-Egba which hitherto cost N700 is now costing commuters N1,000. The drivers hinged the hike in the upward review of petrol prices.

On the possible cause of the hike, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Mr. Billy Gillis-Harry, said the hike in the pump price of petroleum may be due to an increase in the ?difficulty in landing products?.

?What I can tell you is, once there is difficulty in landing products by NNPCL and the size of shock absorbing that they (NNPCL) can do become overwhelming, they will certainly shed some of the loads. I think that?s what would have happened.?

The PETROAN boss said the prices of the commodity will be determined by market forces.

?The truth right now is that petrol prices are going to be determined by the forces of demand and supply,? he said on the show.

This does not mean that the prices will always be high. Remember that our dollar exchange value is going to impact very highly on the cost of PMS because we are operating a dollarized business in naira.? (Daily Sun)

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