IPMAN Threatens Nationwide Shutdown Over Fuel Price Control Move

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that it will shut down fuel stations nationwide if the federal government attempts to impose price controls on petroleum products in the deregulated downstream sector.

IPMAN spokesperson Chinedu Ukadike issued the warning in a recent interview, insisting that any attempt to regulate prices under a deregulated framework would trigger an industrial action by marketers.

The threat follows recent directives from the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who ordered the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to clamp down on marketers accused of exploiting consumers through high fuel prices, alongside similar concerns raised by the Federal Competition and Consumer Protection Commission (FCCPC).

The government’s position comes amid a sharp decline in global crude oil prices, with Brent crude dropping to about $72 per barrel and West Texas Intermediate falling to around $69 per barrel, down from over $100 per barrel during earlier geopolitical tensions involving Iran, the United States, and Israel.

Despite the global price drop and recent reductions by the Dangote Refinery, pump prices in Nigeria remain high, with petrol selling between ₦1,210 and ₦1,300 per litre in Abuja, as marketers argue that local pump adjustments have not reflected international market changes.

Ukadike said marketers are already suffering heavy losses due to price volatility in the downstream sector.

“Capital is hard to gather, There is no buffer area for marketers, Most of us are losing ₦10 to ₦15 billion due to the recent fuel price reduction, You buy at a particular price before you get to your station, the price had further reduced, We sell at a loss to be competitive, If you don’t sell at a competitive price, nobody will buy,” he said.

He maintained that the Petroleum Industry Act (PIA) clearly deregulates the sector and warned against what he described as inconsistent policy enforcement by government authorities.

“Marketers will shut down if they try somehow to enforce price control, We are going to shut down our stations nationwide, You can’t be regulating a deregulated market, You can’t tell me how much to sell my product without trying to know how much I bought it, You can’t be blowing hot and cold at the same time, The Petroleum Industry Act must be followed to the letter, If they try to enforce price control, we will shut down,” he declared.

The development reflects ongoing tensions in Nigeria’s fuel market, where marketers say they are struggling to balance fluctuating costs with public pressure over high pump prices.

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