IPMAN to FG: Issue more licences to importers for competitive pricing

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has called on the federal government to issue licences to more importers.

On Friday, Chinedu Anyaso, Chairman of IPMAN, Enugu community depot in charge of the south-east zone, told the News Agency of Nigeria (NAN) that issuing licences to more importers will allow them bring in Premium Motor Spirit (PMS) and other petroleum products into the country.

Anyaso said the current structure, where the Nigerian National Petroleum Development Company Limited (NNPCL) is the sole importer of products is a “monopoly that would serve the masses no good”. 

He also said only a ‘price war’ inspired by the participation of more importers alongside NNPCL, would make the price of products find its natural levels. He added that “only competitive pricing will address the current problem of PMS and other petroleum products”.

“NNPCL is a private company. They cannot be in business and still be regulating prices. What they released recently is their own price, private marketers’ prices can only be determined by what the private depots are selling,” he said.

Anyaso further said the recent petrol price list released by NNPCL, which pegged PMS between N515 and N520 in the southeast is not “binding on independent marketers, but at best a guide”.

He said marketers in the zone would continue to serve the public to the best of their abilities, subject to prevailing prices at the depots.

However, he condemned those selling PMS at as much as N600 per litre, saying it was exploitative.

Earlier this week, TheCable reported that filling stations across the country increased pump prices from N185 to over N500, shortly after President Bola Tinubu declared in his inauguration speech that “petrol subsidy is gone”. 

On May 31, a few days after the pronouncement by the president,  NNPCL said it had adjusted the price of petrol across its retail outlets.