…Confirms Possible Minimal Price Adjustment
The Independent Petroleum Marketers Association of Nigeria, IPMAN, as well as the Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have applauded and endorsed the pronouncement by President Bola Ahmed Tinubu, on the phase-out of the petrol subsidy regime.
In a statement in Lagos, the Marketers, appreciated the clarity of policy from the Tinubu administration, a direction that signals a courageous and pragmatic shift in the nation’s economic trajectory.
“In light of the assurances given by the Nigerian National Petroleum Company Limited (NNPCL) and the
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), we wish to reiterate
that there is no cause for alarm.
“We strongly urge Nigerians to avoid panic buying or stockpiling of petrol.
“This behavior not only creates artificial scarcity but also poses a significant safety hazard.” the statement added.
The Marketers noted that the NNPCL has assured Nigerians of adequate fuel supply and the NMDPRA is working closely with stakeholders to ensure a seamless transition.
“They are ensuring distribution channels remain uninterrupted, thereby making fuel readily available at all filling stations across the country.
“The decision to phase out this fuel subsidy regime is not merely a fiscal reform; it is a significant stride
toward social justice.
“We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare.
” These investments symbolize our shared future, promising considerable, long-term benefits for all Nigerians.
We understand the concerns regarding potential price increases. However, we expect marketers to maintain reasonable pricing, as NNPCL remains the sole supplier of the product currently.
“We anticipate minimal changes regarding distribution costs, considering the cost of the product constitutes 80 per cent of the pump price. We pledge, in collaboration with the Nigerian Association of Road Transport Owners (NARTO) and other crucial stakeholders, to manage these distribution costs diligently to minimize their impact on
the pump price.” they pledged.
Considering this clarity of policy, they therefore asked products suppliers to continue supplying products to all legitimate marketers, and appealed to all stations to remain open and avoid hoarding products.
“We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in a bid to diversify the source of petroleum products and enhance market competition.
MOMAN and DAPPMAN will maintain open dialogue with the Federal Government, advocating for stability
in the oil sector during this transitional period. We are prepared to support any measures from the Government that would help cushion the impact on the populace.” they assured.
On its part IPMAN said the subsidy withdrawal as announced by President Tinubu is laudable and commended him for his bold vision.
Okoronkwo, said IPMAN is ready to collaborate with his administration in its effort to promote greater economic equality and prosperity for all Nigerians.
Meanwhile, IPMAN has demanded immediate release of products which its members have long paid for but have not been accessed.
The National President of the Association, Elder Chinedu Okoronkwo, confirmed that some of his members had made payment over a month ago but have not received the product and it would amount to double payment should there be any adjustments in pump price of petrol.
He said though his Association is in support of the policy, his members who trade with borrowed funds should be allowed to access products earlier paid for and given time to sell the products before any adjustments.