NNPC begins N15bn refund to oil marketers
The Nigerian National Petroleum Company Limited has commenced the process of reimbursing the N15 billion owed to oil marketers, according to a recent announcement by the marketers.
Independent Petroleum Marketers Association of Nigeria reported that its members had paid the N15 billion to NNPC for petrol supply, but had not received the promised supplies or reimbursement.
NNPC was allegedly asking the marketers to supplement their initial payments instead of providing the promised supplies.
Maigandi Shettima, the head of the group, expressed his dissatisfaction with NNPC's request for additional payments after withholding the initial payments for months without fulfilling their end of the deal.
However, Chief Chinedu Ukadike, the spokesman for IPMAN, confirmed in a recent interview that NNPC has initiated the process of refunding the N15 billion owed to its members.
This refund initiative follows a peace agreement facilitated by the Department of State Services, with key agreements made by the Nigerian Midstream and Downstream Petroleum Regulatory Authority during a recent meeting.
The regulator has decided to issue licenses allowing marketers to directly off-take petrol from Dangote, and the refunds are being processed into the marketers' wallets with NNPC, marking progress in resolving the tensions between the parties.
In light of Nigeria's move to a deregulated downstream market, oil marketers are now authorized to import petrol, provided they meet the necessary capacity requirements, as part of measures to improve the operational framework for marketers in the industry.
Chief Chinedu Ukadike also announced that the NMDPRA has agreed to pay independent marketers N10 billion owed to them from the petrol bridging debt under the Petroleum Equalisation Fund.
NNPC has also agreed to reduce the selling rate from N1,040 per litre to about N1,000 and to return the outstanding money paid by the marketers through their portal.
He also mentioned that discussions will soon be held with officials from the Dangote refinery to establish a pricing template and loading arrangements for petrol produced by the new $20 billion facility.
Leave A Comment