IPMAN Claims FX Rate Boosts Petroleum Surplus

National Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN) stated that a new foreign exchange rate will help reduce fuel costs and ensure product surplus for consumers. This measure addresses Nigeria's ongoing fuel crisis that has disrupted New Year celebrations and travel for many.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) asserts that the current rate allows marketers to bring in petroleum products at N145 per litre, contrasting with the NNPC's previous sole import role at N171 per litre.

Nigeria's fuel crisis has led to accusations that the National Petroleum Corporation (NNPC) owes independent marketers products despite claims of supplying them through the national system.

IPMAN's proposal suggests the special rate will enable marketers to sell products at a lower price, resolving disputes over product supply and payment terms between the NNPC and independent marketers.