Petroleum Marketers Urge NNPC to Clear ₦25bn Equalisation Funds

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on the Nigerian National Petroleum Company Limited (NNPC) to settle outstanding equalisation funds estimated at ₦25bn.

IPMAN Publicity Secretary, Chinedu Ukadike, said many marketers also have pending loading tickets stuck on the NNPC portal despite full payment for products. He urged the Group Chief Executive Officer, Bayo Ojulari, to address these concerns promptly.

Ukadike commended NNPC’s recent performance, noting the firm generated over ₦20tn in four months, but insisted that legacy debts must be cleared to strengthen market participation and ensure energy security.

The equalisation funds date back to the now-defunct Petroleum Equalisation Fund, scrapped after subsidy removal under the Petroleum Industry Act. Meetings held in 2023 were expected to reconcile payments, but several claims remain unsettled.

He emphasised that compiling and clearing all bridging claims in bulk would enhance product distribution and market stability. While acknowledging that fuel scarcity has eased under the deregulated regime, Ukadike noted that marketers are now grappling with a price war, driven by liberalisation and market competition.

A senior NNPC official confirmed that the matter is under review but declined to comment publicly, citing lack of authorisation.