The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a stern warning of potential fuel supply disruption amidst a brewing crisis over unpaid bridging claims totaling N200 billion.
The looming threat has raised concerns over the current nationwide petrol scarcity, with pump prices soaring to alarming levels.
Mazi Oliver Okolo, the Unit Chairman and Spokesperson of IPMAN Aba Depot, delivered the ultimatum during a press conference on Tuesday, asserting that the association’s national leadership stands firmly behind the decision.
Okolo attributed the mounting debt to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and criticized its failure to settle the outstanding claims despite directives from Petroleum Minister (Oil) Heineken Lokpobiri.
The communique released by IPMAN outlined the dire consequences of the unpaid debt, citing financial distress and business collapse among its members.
Okolo lamented the detrimental impact on petrol marketers, many of whom have faced bankruptcy and insolvency due to the inability to meet financial obligations.
The association laid blame on the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petroleum products, for exacerbating the crisis by supplying products at exorbitant prices to private depots. IPMAN members, burdened by additional transportation costs, struggle to sell fuel at agreed pump prices, further exacerbating their financial woes.
In a call to action, IPMAN urged President Bola Tinubu to intervene swiftly to address the crisis, warning of impending disruptions to fuel supply if their demands remain unmet.
The association vehemently rejected proposed increments in sales and storage license fees by the NMDPRA and called for immediate government intervention to resolve the lingering dispute.
“We are poised to take far-reaching decisions that may cripple the supply and sales of petroleum products across Nigeria if our demands are not met within the shortest period,” Okolo emphasized.
The looming threat of fuel supply disruption underscores the urgency of addressing the N200 billion debt crisis and restoring stability to the petroleum sector.
As stakeholders await government intervention, concerns mount over the potential impact on the Nigerian populace and the economy at large.