Fuel Prices Under Pressure: IPMAN Calls For Major Reduction After Naira-For-Crude Success

Fuel Prices Under Pressure: IPMAN Calls For Major Reduction After Naira-For-Crude Success

The Independent Petroleum Marketers Association of Nigeria (IPMAN) is urging a reduction in petrol prices nationwide, highlighting that the cost of landing petrol in Nigeria has dropped to N900.28 per litre, while the ex-depot price .at Dangote refinery remains N970 per litre…Fuel Prices Under Pressure: IPMAN Calls For Major Reduction After Naira-For-Crude Success

IPMAN has called for a price cut, which they believe will help lower the cost of petrol for consumers.

This comes after the Federal Government, through President Bola Tinubu, approved a proposal for selling crude to local refineries in naira. The initiative, which started in October, was aimed at supplying about 385,000 barrels of crude oil per day to Dangote’s refinery. However, concerns over the actual delivery of crude oil to the refinery have emerged, as the Dangote Industries Limited claimed it had not received the expected volumes.

The IPMAN is also advocating for greater competition in the sector, citing that the fuel price regulation and exchange rate have significantly impacted production costs. Meanwhile, civil society organizations have criticized the government and the so-called “fuel cabal,” suggesting that monopolistic practices continue to impede progress in reducing petrol prices. They argue that the government’s failure to adjust pricing in response to local refining could be contributing to higher fuel costs.

Despite the local production of fuel from the Dangote refinery, the issue of high petrol prices persists, with accusations that powerful cartels and regulatory challenges are stalling potential price reductions. IPMAN is urging the Nigerian government to push for a fairer pricing system that benefits the public.

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