Fuel Price Drop: NNPCL Encouraging Monopoly — IPMAN Alleges

The Independent Petroleum Marketers Association of Nigeria has alleged that the Nigerian National Petroleum Company Limited is encouraging monopoly in the country’s oil and gas sector.

IPMAN based their accusation on the continued back-and-forth on the rehabilitation of Port Harcourt, Warri, and Kaduna refineries.

IPMAN spokesperson, Chinedu Ukadike disclosed this in an interview with DAILY POST.

According to him if NNPCL-controlled refineries were working, it would checkmate Dangote Refinery, which would result in more competitive petroleum product prices for Nigerians.

He urged the president to waste no time in declaring an emergency in the state-owned refineries.

“NNPCL refineries are not working. We have the president declare an emergency in these refineries. It is NNPCL that is encouraging monopoly, not Dangote Refinery. If NNPCL refineries are producing petroleum products, it will checkmate Dangote Refinery, with more competitive petroleum product prices for Nigerians,” he told DAILY POST.

His remarks came after NNPCL announced the shutdown of Port Harcourt Refining Company, PHRC, for maintenance without a definite date to resume operations.

The development resuscitated debate over the viability of the Port Harcourt and Warri refineries, which were rehabilitated in November and December 2024 after gulping over $1.5 billion.