The petroleum product marketers have opposed moves by the Federal Government to reduce the pump price of petrol by N5 per litre, as the current market realities do not support that.
According to a report from Punch, this was made known by the National Operations Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mike Osatuyi.
Osatuyi said that given the recent increase in global oil prices and the devaluation of the naira, petrol price of N162 per litre cannot work except we want to go back to the era of subsidy.
“The government said it had deregulated; So, it is not possible to sell petrol at N162 on December 14. If you ask anybody now in the industry, they will tell you the price at which they can sell is about N170 to N180. The Minister of labour does not have the power to determine the price of petrol. Even the President can only do that if we go back to subsidy.”
The Vice President of IPMAN, Abubakar Maigandi, said that his association is waiting for the circular from the government with respect to the price reduction before they can implement.
While holding a similar view, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Dr Billy Gillis–Harry, pointed out that the interference by government in petrol pricing had continued to defeat the purpose of deregulation, just as marketers had lost millions of naira as a result of the frequent price adjustments.