Oil Marketers Demand 60-Day Petrol Discount Extension

Oil marketers have requested the Federal Government to extend its 30-day petrol discount window to 60 days and include independent marketers. Representatives from the Independent Petroleum Marketers Association of Nigeria (IPMAN) expressed concerns that the current discount, which is available only at Nigerian National Petroleum Company (NNPC) retail outlets, may not effectively benefit consumers in areas with limited NNPC coverage.

Finance Minister Taiwo Oyedele clarified that the discount is not a subsidy but a cost-based pricing strategy funded by NNPC's retail margins. IPMAN National Publicity Secretary Chinedu Ukadike emphasized the need for a longer discount period to facilitate broader participation and distribution.

Independent marketer Philp Bulus highlighted the importance of transparency in the policy's implementation to ensure fair competition and consumer benefits. The marketers' concerns arise amid rising global crude oil prices due to geopolitical tensions.

They stress that the discount's effectiveness will depend on its size, coverage, and the number of beneficiaries.