Business
Petrol price hike: IPMAN tackles NNPCL, threatens to stop operations
The Independent Petroleum Marketers Association of Nigeria has threatened to stop operations nationwide following the high cost of Premium Motor Spirit, popularly known as petrol, sold to IPMAN members by the Nigerian National Petroleum Company Limited.
IPMAN revealed on Thursday that the cost of petrol from the Dangote Petroleum Refinery to NNPC was about N898/litre, but noted that NNPC was selling the same product to independent marketers at N1,010/litre in Lagos.
The association, which controls over 70 per cent of filling stations nationwide, kicked against this and threatened to down tools, as it also demanded a refund from NNPC for earlier petrol supply payments made by its members.
This development may further worsen the petrol scarcity and queues in many parts of the country.
Meanwhile, it was also gathered on Thursday that members of the Major Energies Marketers Association of Nigeria were still loading subsidised petrol from Dangote refinery, based on earlier arrangements with NNPC.
Speaking with one of our correspondents on Thursday, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the association may be forced to take action if the challenge between IPMAN and NNPC is not resolved immediately.
This development followed an earlier revelation by IPMAN national president, Abubakar Maigandi, that NNPC was asking independent marketers to buy petroleum products from its depot at N1,010/litre in Lagos State.
Maigandi, who spoke during a live television interview on Thursday, argued that the price was higher than what NNPC paid for the product from the Dangote refinery.
He also noted that independent marketers’ funds had been held by the national oil company for about three months.
According to him, NNPC purchased the product from the refinery at N898/litre but is asking marketers to buy it at N1,010/litre in Lagos; N1,045 in Calabar; N1,050 in Port Harcourt; and N1,040 in Warri.
“Our major challenge now is that independent marketers have an outstanding debt from the NNPC and the company 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/litre in Lagos; N1,045 in Calabar; N1,050 in Port-Harcourt; and N1,040 in Warri”, Maigandi stated.
He also pointed out that the association’s funds with NNPC had reached N15bn, stressing that marketers were eager to be fully involved in the petrol business and its components following the full deregulation of the sector.
He added, “Marketers want to be fully engaged in the business of petrol and its components.
NNPC has been the one bringing in the product and loading and has an off-take in the Dangote refinery.
“We are now being allowed to import and there is no challenge on that issue.
What we are after is to get the product directly from Dangote and not through NNPC. Currently, they owe us up to N15bn.”
On Wednesday, the retail stations of NNPC raised the price of petrol to N1,030 from N897/litre in Abuja, and in Lagos it was hiked to N998/litre from N868/litre.
Other locations witnessed similar price hikes, a development that triggered anger among Nigerians.
The price hike, the second in one month, represents about 14.8 per cent or N133 rise.
However, the Nigeria Labour Congress and the Organised Private Sector called for the immediate reversal of the hike in the pump prices.
With the latest price adjustment, it means that in the less than 17 months of the current administration, the price of petrol has risen by over 430 per cent from May 29, when it took over the reins of power.
Asked if NNPC had reached out to resolve the issue with independent marketers, the National Publicity Secretary of IPMAN, Ukadike, responded in the negative.
He said the oil company had not provided any feedback or response following its last discussion with the marketers.
Ukadike said, “No changes or feedback at all. NNPC hasn’t responded to us. They haven’t returned our money.
We are still observing what the situation would turn to since they haven’t reached out to us, or probably we would have to withdraw our services if the issue is not resolved.
”He, however, noted that efforts to reach Dangote for direct loading were in progress and a meeting between both parties expected to hold soon.
Ukadike also disclosed that its marketers would sell at a lower rate of N970/litre if allowed to purchase products directly from the refinery.
The IPMAN official added, “Any moment from now, Dangote will invite us, from the fillers we have received.
”On its pricing, he said, “If we start buying from Dangote at its current price, we will sell at N970, lower than the price of NNPC.
Dangote sold to NNPCL at N898/litre.
But they are asking us to buy from them at their pump price, can you imagine this kind of slavery? We continue to talk about price disparity every day and it’s there for all Nigerians to see.
”Phone calls and messages to NNPC officials to respond to the position of IPMAN were not replied as of the time of filing this report.
Similarly, officials at the Dangote refinery did not respond to enquiries when contacted for their views on the issues raised by IPMAN.
On the contrary, the Major Energies Marketers Association of Nigeria said it is not owed by NNPC, as it owns a large stock of storage systems to mitigate against sudden changes in petrol prices.
The Executive Secretary, MEMAN, Clement Isong, in a telephone interview, attributed this situation to its continuing relationship with NNPC.
Business
Naira Exchange Rates Thursday, 5 Nov 2026
BLACK/ PARALLEL MARKET RATES
₦1400DOLLAR (USD)
₦1830POUND (GBP)
₦1515 EURO (EUR)
₦950 CANADIAN DOLLAR (CAD)
₦70 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED
₦190 Chinese YUAN (CNY)
₦100 Ghanaian CEDI (GHS)
West African CFA ₦2240 (XOF)
Central African CFA ₦2180 (XAF)
₦820 Australian Dollar AUSSIE (AUD)
Business
NNPCL wants to sell 10% equity via IPO on NGX, LSE
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.
The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.
The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.
NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.
Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.
The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.
Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.
Business
Naira Exchange Rates Wednesday, 4 Nov 2026
BLACK/PARALLEL MARKET RATES
1390DOLLAR (US
₦1835POUND (GBP)
₦1510EURO (EUR
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 West African CFA F.(XOF)
₦2200 Central African CFA F.(XAF)
₦850 Australian Dollar AUSSIE (AUD)
OFFICIAL CBN EXCHANGE RATES
DOLLAR (USD)₦1346.93
POUND (GBP)₦1807.72
EURO (EUR)₦1512.26
SWISS FRANC (CHF)₦1644.21
JAPANESE YEN (JPN)₦8.52
West African CFA FRANC (XOF)₦2.30
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1825.03
CHINESE YUAN (CNY)₦201.92
SAUDI RIYAL (SAR)₦359.15
SOUTH AFRICAN RAND (ZAR)₦81.37
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