The lndependent Petroleum Marketers Association of Nigeria (lPMAN) has called on President Bola Ahmed Tinubu to walk his talk on the total deregulation of the downstream oil sector having taken a decisive position through the removal of subsidy on fuel.
The call follows the new price increase by the sole importer of the product, the Nigerian National Petroleum Company Limited (NNPCL) which will see the product sell between N488 and N557 per litre, depending on the distance between the loading depots and the geo-political zones.
IPMAN, in a statement signed by Alhaji Debo Ahmed and Chief John Kekeocha, president and national secretary, respectively asked President Tinubu to ensure that other downstream sector players, apart from the NNPC, are allowed to partake in the importation of petrol.
IPMAN, which noted that “the primary essence of removing subsidy is to free the market and make it competitive,” declared that allowing other interested parties into the petroleum supply network, either through local refining or importation, will guarantee adequate production and supply and ultimately, “precipitate reasonable reductions in the high price that is being witnessed at this initial take off.
“It is our belief and hope that the Nigerian National Petroleum Company Limited (NNPCL) will ensure that the product is made available for Nigerians and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) ensures adequate monitoring and distribution making sure that the policy takes place seamlessly.”
lPMAN promised to align with the present administration in this social contract by playing according to the rules and believing that this policy will be a milestone in repositioning our ailing economy.