Marketers Threaten Shutdown Over Fuel Price Controls

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans for a nationwide shutdown of fuel stations in response to the federal government's proposed enforcement of price controls in the downstream sector. Heineken Lokpobiri, the Minister of State for Petroleum Resources, stated that the era of government-fixed prices is over, emphasizing that deregulation does not absolve the government of its responsibility to protect consumers from exploitation.

Despite a significant drop in global crude oil prices, retail petrol prices in Nigeria remain largely unchanged, prompting questions about market dynamics. Chinedu Ukadik, IPMAN's Secretary, highlighted the financial losses incurred by marketers and criticized the government's approach to price control, asserting that it would lead to further market instability.

He urged the government to address the root causes of high fuel prices and foster genuine competition by boosting local refining capacity and imports. The association warned that enforcing price controls could lead to a complete shutdown of operations nationwide.