The Independent Petroleum Marketers Association of Nigeria(IPMAN), has warned that it will shutdown their filling stations nationwide over price control pressure by the federal government.
IPMAN spokesperson, Chinedu Ukadike, disclosed this during in a recent interview with DAILY POST.
Recall that the minister of petroleum resources (oil), Heineken Olokpobiri, previously urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to clamp down on petroleum product marketers exploiting fuel consumers.
Earlier, the Federal Competition and Consumer Protection Commission had ordered and also expressed similar concerns on Sunday in a statement, warning fuel marketers against exploitative petrol prices.
The position taken by Nigerian government officials comes as the easing of tensions between the United States, Israel, and Iran pushed the prices of Brent crude and West Texas Intermediate down to about $72 and $69 per barrel, respectively, from highs of over $100 per barrel.
Despite recent reductions in petrol prices by the Dangote Refinery and some filling stations, Nigerians continue to grapple with high fuel costs.
For instance, most filling stations in Abuja currently sell petrol for between ₦1,210 and ₦1,300 per litre.
However, the recent decrease in fuel prices does not match the extent of the collapse in crude oil prices.
Read Also: Nigerians yet to feel impact of falling crude prices — FCCPC warns petrol marketers
Petrol, Diesel Price To Ease Off in Nigeria as Global Oil Price Falls
In April, local prices of petrol and diesel were anticipated to drop following a decline in global oil prices due to the reopening of Hormuz.
By Saturday morning, West Texas Intermediate (WTI) and Brent crude dropped 11% and 9% to $83.85 and $90.38 per barrel, respectively, after starting near $100.
The decline follows Iran’s announcement that the Strait of Hormuz is now completely open to ship traffic.
The latest warning of a nationwide shutdown underscores growing concerns about the sustainability of fuel distribution across the country. Analysts say any disruption in petrol supply could trigger fresh queues at filling stations, worsen inflation, increase transportation costs and place additional strain on households and businesses already grappling with the rising cost of living.
