The Independent Petroleum Marketers Association of Nigeria (IPMAN) has issued a warning of potential disruptions to the supply of Premium Motor Spirit (PMS), commonly known as petrol, due to outstanding bridging claims amounting to ₦200 billion.

The announcement comes amidst a nationwide scarcity, resulting in petrol prices surging to as high as N610 to N800 per liter at fuel stations and between N1000 and N1200 per liter in the black market.

Mazi Oliver Okolo, the Unit Chairman and Spokesperson of Aba Depot, representing IPMAN, stated that the threat is endorsed by the national leadership of IPMAN. Okolo attributed the debt to the Nigerian Midstream and Downstream Petroleum Regulatory Commission (NMDPRA).

In a press conference, Okolo revealed that despite a directive from Petroleum Minister (Oil) Heineken Lokpobiri in February 2024 for payment, only ₦13 billion has been settled to IPMAN members, resulting in severe financial strain and closure of businesses.

He criticized the Nigerian National Petroleum Company Limited (NNPCL), the sole importer of petroleum products, for exacerbating the scarcity, leading some IPMAN members to shut down operations and lay off workers.

Okolo emphasized the detrimental impact of the debt on IPMAN members' businesses, with many facing bankruptcy and financial insolvency due to their inability to access funds owed by NMDPRA.

He urged President Bola Tinubu to intervene promptly, asserting that the situation is detrimental not only to IPMAN members but also to the general public.

Furthermore, IPMAN members rejected the significant increase in Sales and Storage License fees by NMDPRA and called for urgent intervention from the federal government to resolve the issues between IPMAN and NMDPRA.

The group warned of potential drastic measures that could disrupt the supply and sales of petroleum products across Nigeria if their demands are not addressed promptly.