THE Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claim that it opposed the recent petrol pump price reduction by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)
In a statement on Sunday, March 16, by its National Vice President, Hammed Fashola, IPMAN said the claim did not emanate from it but from a former presidential aide, Reno Omokri.
A post by Omokri on his X handle on Saturday, March 15, said IPMAN was aversed to the price reduction.
He said rather than Nigerians protesting against high petrol prices, oil marketers were instead resisting the price drop.
“For the first time in Nigeria’s history, IPMAN, the Independent Petroleum Marketers of Nigeria, are protesting against the Nigerian government because NNPCL and Dangote Refinery are too cheap that their imported fuel is causing them to lose money.
“Instead of Nigerians protesting high prices, marketers are now railing against low costs. From ₦1050 to ₦815. Tinubu did it! In just one month, fuel prices have gone down three times,” Omokri said.
In dismissing the claim, the IPMAN national vice president insisted that the body never opposed the recent fuel price reduction, which was not unexpected in a fully deregulated market.
He maintained that the report referenced by Omokri could not have originated from the association, as independent marketers had long championed the call for full deregulation of the oil and gas sector.
“Let me first educate the public about these two organisations, IPMAN and PETROAN. IPMAN is an association of independent petroleum marketers in Nigeria. We have been in existence for years and have maintained a long-standing relationship with the government, NNPCL, and Dangote,” Fashola said.
“We understand the concept of deregulation, along with its benefits and consequences. We are never against the reduction of petroleum product prices in the country, as it brings relief to citizens. Moreover, as marketers, lower prices mean reduced working capital for us as well,” he maintained.
He further explained that petrol prices in the country were primarily influenced by two factors – the exchange rate and crude oil prices – neither of which are controlled by refiners or importers, especially in a fully deregulated market.
“A fixed timeframe or prior notice for price changes, as previously suggested, is impractical in this era of total deregulation due to competition among market players. Everyone wants a share of the market.
“IPMAN, as a body, fully supports the government, NNPCL, and Dangote in this phase of total deregulation and subsidy removal. We stand by the Federal Government’s reform agenda under President Asiwaju Bola Ahmed Tinubu,” Fashola added.
The pump prices of petrol have dropped consistently from about N1,020 as of December 2024 to N860 in some states.
On Wednesday, February 26, Dangote announced a drop in its ex-depot price to N825 per litre and directed its retail outlet partners to reduce their pump prices.
It asked its partner, MRS Holdings, to sell pump price of petrol at N860 per litre in Lagos, N870 in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.
It also asked the other partners, Ardova Petroleum (formerly AP) and Heyden filling stations to sell at N865 per litre in Lagos, N875 in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.
The Dangote Refinery had also, on February 2, dropped its ex-depot price of petrol from N950 to N890 after a similar price slash during the December 2024 festive period.
The NNPCL has often reacted to the Dangote Refinery’s lead in reducing petrol prices by following suit.