Marketers Reject N1,350 Petrol Price Cap by Government

Petroleum marketers have opposed the Federal Government's plan to impose a N1,350 price cap on petrol, stating that prices should be determined by market forces, competition, and improved distribution efficiency. The Major Energies Marketers Association of Nigeria (MEMAN) expressed that arbitrary price caps would not solve the fundamental challenges in the petroleum market.

This response follows the announcement by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, who stated that the government is negotiating a ceiling of N1,350 per litre on petrol's ex-gantry or landing cost. The arrangement aims to stabilize prices without reintroducing the petrol subsidy removed in May 2023.

MEMAN emphasized the need for transparent pricing mechanisms and measures to address supply bottlenecks and reduce operating costs. The association also commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority for its efforts in promoting product quality and fair competition.