Fuel Price Controversy: IPMAN Insists It Supports Deregulation, Not Higher Prices

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).....KINDLY READ THE FULL STORY HERE▶

The controversy arose following an allegation by former presidential aide Reno Omokri, who suggested that IPMAN was protesting against the Federal Government because Dangote and NNPCL fuel prices had become more affordable.

In a post on his verified X (formerly Twitter) account on Saturday night, Omokri claimed that rather than Nigerians protesting high fuel prices, oil marketers were resisting price cuts that had led to a significant drop in fuel costs within weeks.

“For the first time in Nigeria’s history, IPMAN, the Independent Petroleum Marketers of Nigeria, are protesting against the government because NNPCL and Dangote Refinery’s fuel is so cheap that their imported fuel is making them lose money.

“Instead of Nigerians protesting high prices, marketers are now complaining about low costs. From ₦1,050 to ₦815. Tinubu did it! In just one month, fuel prices have gone down three times,” Omokri wrote.

Responding to the claim, IPMAN’s National Vice President, Hammed Fashola, dismissed Omokri’s statement as false and misleading, asserting that the association has consistently supported full deregulation of the downstream sector.

In a statement issued on Sunday, Fashola clarified that the report Omokri referenced did not originate from IPMAN and does not reflect its position.

“To clarify, IPMAN and PETROAN are two distinct organizations. IPMAN is an association of independent petroleum marketers in Nigeria, and we have maintained a long-standing relationship with the government, NNPCL, and Dangote.

“The alleged publication is not from IPMAN and cannot be from IPMAN, as we have always championed the total deregulation of the downstream sector. We fully understand the concept of deregulation and its implications,” he stated.

Fashola further stressed that fuel price reductions benefit both consumers and marketers, as lower costs ease financial burdens on businesses.

“We (IPMAN) are not against the reduction of petroleum product prices in Nigeria, as it provides relief to citizens. Furthermore, as marketers, lower prices mean reduced working capital for us, making operations more manageable,” he added.