The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that marketers will shut filling stations if the federal government attempts to regulate petrol prices, insisting that the downstream petroleum market is fully deregulated.
Speaking with TheCable on Thursday, Chinedu Ukadike, IPMAN’s national publicity secretary, said the government should focus on ensuring local refineries operate efficiently and encourage competition instead of imposing price controls.
“As I advised, the government should concentrate on ensuring our refineries are working and allow more sources of supply instead of talking about regulation in a deregulated economy. If they do that, marketers will protest and shut down their filling stations,” Ukadike said.
He also said petrol prices would continue to decline in line with market forces, dismissing claims that marketers were profiteering from the recent drop in global crude oil prices.
The spokesperson said competition among marketers would naturally force
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