IPMAN Rejects Six-Month Petrol Price Stability Proposal

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected a proposed six-month petrol price stability plan, arguing that it is unrealistic given the current economic and supply challenges. The proposal, reportedly suggested to cushion the impact of fluctuating fuel prices on consumers, has been met with resistance from marketers who claim that price control measures could disrupt supply chains and lead to shortages.

IPMAN officials stated that maintaining a fixed petrol price for six months would be impractical due to factors such as foreign exchange volatility, rising crude oil prices, and logistical costs. They argued that any artificial price stabilization without addressing these underlying issues would place undue pressure on marketers and could discourage fuel imports.

The marketers also warned that attempting to enforce price stability without adequate government intervention, such as subsidies or forex support, could lead to hoarding and black-market activities. They emphasized the need for a more sustainable approach, including improving local refining capacity, ensuring forex availability for fuel importers, and addressing infrastructure gaps in the downstream sector.

With Nigerians already facing high fuel costs and economic hardship, the rejection of the proposal raises concerns about potential price hikes in the coming months. As discussions continue between the government and industry stakeholders, consumers remain uncertain about the future of petrol pricing and availability.