IPMAN Threatens Nationwide Shutdown Over Fuel Price Control Pressure

The Independent Petroleum Marketers Association of Nigeria has threatened to shut down filling stations nationwide if the Federal Government enforces price control in the deregulated petroleum market.

Daily Post reported that IPMAN spokesperson Chinedu Ukadike issued the warning after government agencies raised concerns about high pump prices despite recent reductions in crude oil and refinery prices.

The report said the Minister of Petroleum Resources (Oil), Heineken Olokpobiri, had asked the Nigerian Midstream and Downstream Petroleum Regulatory Authority to act against marketers exploiting consumers. The Federal Competition and Consumer Protection Commission also warned marketers against exploitative petrol pricing.

Ukadike said marketers were already selling under pressure after recent price changes. Daily Post reported that he claimed marketers had lost between N10 billion and N15 billion because they bought products at one price only for pump prices to fall before they could sell.

He argued that enforcing price control would contradict deregulation and could push marketers to shut their outlets. The report said petrol was still selling between N1,210 and N1,300 per litre in many Abuja filling stations despite the recent reductions.

The warning comes as Brent and West Texas Intermediate crude prices eased after tensions linked to the Iran, United States and Israel conflict reduced. Authorities have argued that Nigerian consumers should feel some relief from lower international prices and refinery adjustments.

This draft is treated as a strong single-source item because the Daily Post body contains the direct IPMAN warning and enough detail for a standalone business story. Daily Trust carried a related IPMAN fuel-price discussion, but it did not directly confirm the shutdown threat.

Source: Daily Post