The Nigerian National Petroleum Company Limited (NNPCL) has denied claims of a price agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) or any other parties regarding the price of Premium Motor Spirit (PMS), commonly known as petrol.
Earlier, IPMAN President, Abubakar Maigandi, had stated that NNPCL had agreed to reduce the ex-depot price of petrol for its members from N958 per litre to N955 per litre.
However, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, clarified that no such agreement existed.
Soneye explained that under the current deregulated regime, fuel prices are determined by market forces, not by agreements between NNPC and marketers.
“There is no price agreement between IPMAN, NNPC, or any marketer. The market forces determine prices under the current deregulated regime,” Soneye said.
He further noted that NNPC had only provided a one-time N3 discount to marketers with funds deposited at NNPC to facilitate fuel lifting and prevent shortages.
“This was a temporary measure. Prices are still determined by market forces, not by NNPC Ltd.,” he added.
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