The Independent Petroleum Marketers Association of Nigeria, IPMAN, has threatened to shut down its filling stations nationwide over pressure from the federal government to implement price controls.
The spokesperson of IPMAN, Chinedu Ukadike, made this known in a recent interview.
Recall that the minister of petroleum resources (oil), Heineken Olokpobiri, had called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to clamp down on petroleum product marketers exploiting fuel consumers.
Earlier, the Federal Competition and Consumer Protection Commission had ordered and also expressed similar concerns on Sunday in a statement, warning fuel marketers against exploitative petrol prices.
The position by Nigerian government authorities comes as Brent and West Texas Intermediate fall to $72 and 69 per barrel, up from over $100 per barrel due to Iran, United States-Israel conflict easing.
However, fuel prices in Nigeria remain high despite the recent petrol price reduction
