The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Okoronkwo, says the association can use its numerical strength to force down the price of petrol.
Speaking at a news conference in Abuja on Wednesday, he disclosed this, also that members of IPMAN are in support of fuel subsidy removal by President Bola Tinubu and see the unbundling of the downstream sector as a positive development that will attract more investors to the industry.
According to Okoronkwo, the association has the ability to force down the price of fuel once they start independent importation of the product. His statement follows the recent adjustment in the pump price of petrol announced by the Nigerian National Petrol Company (NNPC) Limited, which now sells for as high as N500 per litre from N184 per litre.
President Tinubu had announced that fuel subsidy has ended during his inaugural speech on May 29, 2023. He explained that the 2023 Budget had made no provision for fuel subsidy and subsidy payment was no longer justifiable. His announcement had since attracted protests from Organised Labour, who eventually met with different government representatives.
With the deregulation of the downstream sector, industry players believe that more investors will come in and help to boost the supply of fuel. IPMAN believes it has the capacity to force down the price of fuel, and they would leverage their numerical strength to achieve the goal.