The Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed allegations suggesting that it opposed the recent reduction in petrol prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
IPMAN Denies Resistance to Price Reduction
The controversy arose after former presidential aide Reno Omokri alleged that rather than consumers protesting high fuel prices, oil marketers were resisting the price cuts implemented by Dangote Refinery and NNPCL.
In a social media post, Omokri claimed that IPMAN was opposing the government due to the affordability of locally refined petrol. He stated, “For the first time in Nigeria’s history, independent petroleum marketers are protesting because cheaper fuel from Dangote and NNPCL is making their imported products uncompetitive. Instead of citizens protesting high prices, marketers are complaining about lower costs.”
However, IPMAN’s National Vice President, Hammed Fashola, refuted these claims, maintaining that the association has always championed deregulation and lower fuel costs for the benefit of both consumers and marketers.
IPMAN’s Position on Deregulation and Market Competition
Fashola clarified that the association has consistently advocated for full deregulation of the downstream sector and recognizes both its advantages and challenges.
“The allegations are baseless and do not reflect IPMAN’s position. We support fuel price reductions as they alleviate the burden on Nigerians. Moreover, as marketers, lower prices reduce our working capital requirements,” he stated.
He further explained that fuel prices in Nigeria are dictated by global crude oil prices and exchange rate fluctuations, factors beyond the control of individual refiners or importers. “In a fully deregulated market, price fluctuations are inevitable due to competition among suppliers, each striving for market share,” he noted.
IPMAN Backs Government’s Economic Reforms
Emphasizing the association’s support for economic reforms, Fashola reiterated that IPMAN stands by the government’s initiatives to stabilize the market.
“We fully support the policies of President Bola Ahmed Tinubu’s administration, as well as the efforts of NNPCL and Dangote Refinery to ensure the availability of affordable petroleum products. Our commitment remains to market stability and consumer relief.”
IPMAN’s statement reinforces its stance in favor of deregulation, transparency, and competitive fuel pricing that benefits all stakeholders in the petroleum industry.
