The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims that it opposed the recent reduction in Premium Motor Spirit (petrol) prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
A former presidential aide Reno Omokri, in a post on his verified X (formerly Twitter) handle on Saturday night, alleged that IPMAN was protesting against the Federal Government due to the affordability of Dangote and NNPCL fuel.
Omokri claimed that rather than Nigerians protesting against high fuel prices, oil marketers were instead resisting the price cut.
He wrote, “For the first time in Nigeria’s history, IPMAN, the Independent Petroleum Marketers of Nigeria, are protesting against the Nigerian government because NNPCL and Dangote Refinery’s fuel is so cheap that their imported fuel is causing them to lose money.
“Instead of Nigerians protesting high prices, marketers are now railing against low costs. From N1,050 to N815. Tinubu did it! In just one month, fuel prices have gone down three times.”
However, IPMAN has dismissed Omokri’s claims, insisting that it never opposed the recent fuel price reduction, which resulted from the full deregulation of the downstream sector.
IPMAN’s National Vice President, Hammed Fashola, in a statement, yesterday, maintained that the report referenced by Omokri could not have originated from the association, as independent marketers have long championed the call for full deregulation of the oil and gas sector.
He explained, “Let me first educate the public about these two organizations, IPMAN and PETROAN. IPMAN is an association of independent petroleum marketers in Nigeria. We have been in existence for years and have maintained a long-standing relationship with the government, NNPCL, and Dangote.
“The said publication is not from IPMAN, and it cannot be from IPMAN because we have always advocated for total deregulation of the downstream sector. We understand the concept of deregulation, along with its benefits and consequences.
“We (IPMAN) are never against the reduction of petroleum product prices in the country, as it brings relief to citizens. Moreover, as marketers, lower prices mean reduced working capital for us as well.”
Fashola further explained that fuel prices in the country are primarily influenced by two factors—the exchange rate and crude oil prices—neither of which are controlled by refiners or importers, especially in a fully deregulated market.
He added, “A fixed timeframe or prior notice for price changes, as previously suggested, is impractical in this era of total deregulation due to competition among market players—everyone wants a share of the market.
“IPMAN, as a body, fully supports the government, NNPCL, and Dangote in this phase of total deregulation and subsidy removal. We stand by the federal government’s reform agenda under President Asiwaju Bola Ahmed Tinubu.”