The Independent Petroleum Marketers Association of Nigeria (IPMAN) has strongly denied claims that it opposes the recent reduction in petrol prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
A former presidential aide, Reno Omokri, alleged in a social media post on Saturday that IPMAN was protesting against the Federal Government due to the affordability of fuel supplied by Dangote and NNPCL. He suggested that instead of Nigerians complaining about high fuel prices, oil marketers were upset about the drop in costs.
“For the first time in Nigeria’s history, IPMAN is protesting against the government because NNPCL and Dangote Refinery’s fuel is so cheap that their imported fuel is causing them losses,” Omokri wrote on X (formerly Twitter).
IPMAN Refutes Claims, Supports Deregulation
However, IPMAN has dismissed these allegations. In a statement released on Sunday, the association’s National Vice President, Hammed Fashola, insisted that IPMAN has always supported full deregulation of the downstream oil sector and welcomes lower fuel prices.
“The publication in question is not from IPMAN and could never be from us. We have consistently advocated for total deregulation, understanding both its benefits and consequences,” Fashola said.
He emphasized that lower fuel prices benefit both consumers and marketers by reducing operating costs.
Market Forces, Not Marketers, Dictate Prices
Fashola further clarified that fuel prices in Nigeria are primarily determined by two key factors—global crude oil prices and exchange rates. These, he noted, are beyond the control of refiners or importers, including IPMAN members.
Fuel Price Drop Amid Economic Adjustments
This clarification from IPMAN comes as Nigeria continues its economic adjustments in the petroleum sector following the full deregulation of fuel pricing. The recent fuel price reductions by Dangote Refinery and NNPCL have been welcomed by many Nigerians as a sign of potential relief in the cost of living.
