IPMAN urges NNPC to clear ₦25bn equalisation debt and pending fuel tickets – Reports

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPC) to settle long-standing petroleum equalisation funds and clear outstanding loading tickets owed to its members.

Speaking in Abuja on Thursday, IPMAN’s Publicity Secretary, Chinedu Ukadike, urged the NNPC Group Chief Executive Officer, Bayo Ojulari, to prioritise settling the obligations.

“We, the independent marketers, have been calling on NNPC to reimburse us for our money or give us products from some of our tickets that are being tied down in their system through their portal. Though they have started, it is not in full force. So, we are appealing to the GCEO to look at some of the outstanding tickets and clear them,” Ukadike said.

He revealed that while the debt once stood at over ₦40 billion, it has now reduced to around ₦25 billion. “And also, the issue of pending funds that are in PEF – since they have made gains, they should also try and clear it so that marketers can have their money and compete in this deregulated economy and ensure energy security,” he added.

Ukadike commended the new NNPC management for generating more than ₦20 trillion in four months but stressed that part of that success should go toward clearing old debts.

Asked if there has been progress, he explained: “They have our complaints already. At our last meeting with the GCEO, who was represented by the Director of Midstream Operations, he took note of these issues. I think they acted swiftly. But there are also some lingering payments left behind.”

He further advised that a comprehensive settlement would be the most effective step. “What I am also saying is that if they can have a total compilation of all these bridging claims and clear it at once, it will help the system and make distribution more viable, and Nigerians will enjoy energy security,” he stated

On the question of how many tickets are outstanding, Ukadike admitted he could not give an exact figure: “I can’t quantify the number of tickets, but I know that it’s a sizeable number.”

Despite the challenges, Ukadike praised the current state of the industry, noting that fuel scarcity has disappeared. “The industry has taken a very good shape, and that shape the industry has taken has allowed broadened participation and distribution. You can also find out now that there is nothing like fuel scarcity anywhere,” he said.

He, however, identified pricing as the new challenge in the liberalised market. “The issue we are having now is a price war. And that price war is the essence of the liberalisation of the market. Demand and supply are now determining the market prices and the pricing of petroleum products. Marketers have choices, and commuters can now obtain petroleum products wherever, however, and whenever they want,” Ukadike explained.

When contacted, a senior NNPC official said the matter would be reviewed but declined to speak on record. “We will look into the matter and respond,” the official said, adding that he was not authorised to comment publicly on the issue.

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