Fuel marketers caution FG against fixing petrol prices, say deregulation must be allowed to work.
Fuel marketers have warned that filling stations across Nigeria may suspend petrol sales if the Federal Government attempts to impose price controls on the product.
The warning was issued by the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, during an interview with The PUNCH.
Ukadike’s comments came in response to remarks by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who stated that the Federal Government would not tolerate profiteering or exploitative practices in the downstream petroleum sector despite the deregulation of the market.
According to IPMAN, any move to regulate or fix petrol prices would undermine the principles of deregulation and could make it difficult for marketers to operate profitably.
The association warned that if marketers are compelled to sell fuel below market realities, many filling stations could be forced to halt operations, resulting in fuel shortages across the country.
IPMAN urged the Federal Government to allow market forces to determine petrol prices while focusing on creating a transparent and competitive environment that protects both consumers and industry operators.
The warning comes amid ongoing concerns over fluctuations in petrol prices following the deregulation of Nigeria’s downstream petroleum sector.