Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to intervene in the commercial operations of domestic refiners, particularly the Dangote Petroleum Refinery, to help reduce petrol prices across the country.
IPMAN National President, Abubakar Maigandi, made the call following a fresh increase in the retail price of Premium Motor Spirit (PMS), popularly known as petrol.
The price of petrol has risen to between N1,310 and N1,345 per litre in Abuja and neighbouring areas.
The increase followed upward adjustments in gantry and ex-depot prices by the Dangote Refinery and private depot operators.
Maigandi urged the Federal Government to broker a pricing agreement with domestic refining companies, stressing that targeted government intervention in the downstream sector should not be confused with a blanket fuel subsidy.
“We are appealing to the Federal Government to broker a deal with Dangote Refinery to reduce fuel prices,” Maigandi said.
He urged the government to engage Nigerian refiners, saying such intervention would help reduce the cost of petrol.
“The government should intervene with Nigerian refiners, and this will lead to a reduction in fuel prices. It is different from fuel subsidy. In a situation where there is difficulty, the government should step in,” he said.
IPMAN maintained that strategic government engagement with domestic refiners was necessary to stabilise pump prices, cushion the impact of fluctuations in international crude oil prices and reduce energy costs for consumers and businesses.
The association said such measures would also help strengthen the domestic downstream petroleum sector and provide greater price stability for petroleum products.
