Fresh fears of fuel supply disruptions have emerged after the Independent Petroleum Marketers Association of Nigeria (IPMAN) threatened to shut down filling stations across the country over what it described as attempts by the Federal Government to impose price controls in a deregulated petroleum market.
The warning comes amid growing public pressure for lower petrol prices following a sharp decline in global crude oil prices. While Brent and West Texas Intermediate crude have fallen significantly from recent highs, many Nigerians argue that pump prices have not dropped proportionately despite successive reductions announced by the Dangote Refinery.
Speaking on the development, IPMAN spokesperson Chinedu Ukadike insisted that marketers would resist any move to dictate retail fuel prices, arguing that such actions contradict the principles of the Petroleum Industry Act (PIA), which established a deregulated downstream sector.
According to him, independent marketers have already suffered massive financial losses due to the rapid decline in depot prices. He claimed that many operators purchased fuel at higher rates only to see prices fall before the products reached their filling stations, forcing them to sell at losses estimated between ₦10 billion and ₦15 billion across the industry.
The warning follows recent statements by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, and the Federal Competition and Consumer Protection Commission (FCCPC), both of which cautioned marketers against exploiting consumers through excessive pump prices.
Despite these interventions, fuel prices in several parts of Nigeria, particularly Abuja, remain between ₦1,210 and ₦1,300 per litre, fueling public frustration as crude oil prices continue to decline globally.
Industry analysts say the standoff could become a defining test of Nigeria’s deregulated fuel market. If negotiations fail, motorists and businesses could face another round of fuel scarcity, worsening transportation costs and inflation.
For now, Nigerians are watching closely as government regulators and petroleum marketers appear headed for a high-stakes showdown that could determine the future direction of fuel pricing across the country.
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