Independent petroleum marketers have rejected the Federal Government’s move to compel a reduction in petrol pump prices, warning that they could shut down filling stations nationwide if price controls are imposed.
The warning followed a directive by the Federal Competition and Consumer Protection Commission (FCCPC) and the Federal Government asking marketers to reflect the recent decline in global crude oil prices by lowering pump prices and cautioning against profiteering.
Speaking on behalf of the Independent Petroleum Marketers Association of Nigeria (IPMAN), National Publicity Secretary Chinedu Ukadike argued that the downstream petroleum sector is fully deregulated and that government-imposed price controls would force many marketers to sell below cost, leading to heavy losses. He maintained that authorities should first address the factors driving high fuel prices rather than fixing retail prices.
The marketers warned that any attempt to enforce pump price regulation could trigger a nationwide shutdown of filling stations, disrupting fuel distribution across the country. They insisted that pricing should remain market-driven under the deregulation policy.
The dispute comes amid growing pressure on marketers to pass on the benefits of falling international crude oil prices to consumers, while the government says it is determined to protect Nigerians from exploitative pricing practices
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