The Independent Petroleum Marketers Association of Nigeria (IPMAN) has officially denied claims suggesting that the association is opposed to recent reductions in the price of Premium Motor Spirit (PMS), commonly known as petrol, following price adjustments announced by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
The clarification follows remarks made by Reno Omokri, a former presidential aide, who alleged on his verified X (formerly Twitter) account that IPMAN was protesting against the Nigerian government due to lower petrol prices from Dangote and NNPCL, which, according to him, are undercutting imported fuel prices and affecting marketers’ profits.
Omokri stated; “For the first time in Nigeria’s history, IPMAN is 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 ₦1,050 to ₦815. Tinubu did it! In just one month, fuel prices have gone down three times.”
In response, Hammed Fashola, IPMAN’s National Vice President, firmly denied the claims, stressing that the association has always championed the full deregulation of the downstream petroleum sector and actively supports any reduction in fuel prices as a relief to consumers and a benefit to the entire industry.
Fashola explained; “The statement circulating is not from IPMAN, and it does not reflect our position. We have consistently advocated for total deregulation because we understand its benefits and implications. As marketers, we are never against price reductions in petroleum products, as it eases the financial burden on Nigerians and lowers the working capital requirements for marketers.”
Fashola further emphasized that fuel prices in Nigeria are largely influenced by global factors such as exchange rates and crude oil prices, which are beyond the control of local refiners or importers. In a fully deregulated market, price fluctuations are driven by competition and market forces rather than fixed pricing or artificial controls.
He noted that “It is unrealistic to expect predetermined price announcements in a deregulated environment where competition drives pricing. Market players naturally adjust prices to remain competitive.”
Fashola reaffirmed IPMAN’s unwavering support for the Federal Government’s economic reforms, including the removal of fuel subsidies and the deregulation policy introduced under President Bola Ahmed Tinubu. The association also voiced its commitment to partnering with stakeholders, including NNPCL and Dangote Refinery, to ensure the success of these reforms and foster market stability.
He concluded; “IPMAN stands firmly with the government, NNPCL, and Dangote in this new era of deregulation. Our focus is on supporting initiatives that benefit Nigerians and sustain the petroleum marketing sector.”
This clarification from IPMAN aims to reassure Nigerians that the association remains aligned with national efforts to ensure more competitive fuel pricing and a stable petroleum supply chain, thereby supporting economic growth and consumer welfare.
