The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied claims that it opposed the recent reduction in petrol prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
The controversy began after a former presidential aide, Reno Omokri, posted on his verified X (formerly Twitter) handle, alleging that IPMAN was protesting against the federal government due to the lower prices offered by Dangote and NNPCL. Omokri suggested that instead of Nigerians complaining about high fuel prices, oil marketers were now against the price reduction.
He wrote, “For the first time in Nigeria’s history, IPMAN, the Independent Petroleum Marketers of Nigeria, are protesting against the Nigerian government because NNPCL and Dangote Refinery’s fuel is so cheap that their imported fuel is causing them to lose money.
Instead of Nigerians protesting high prices, marketers are now railing against low costs. From N1050 to N815. Tinubu did it! In just one month, fuel prices have gone down three times.”
However, IPMAN has strongly refuted this claim, stating that it has always supported full deregulation of the oil sector. The association’s National Vice President, Hammed Fashola, released a statement on Sunday, clarifying that the alleged opposition did not come from IPMAN.
He explained, “Let me first educate the public about these two organizations, IPMAN and PETROAN. IPMAN is an association of independent petroleum marketers in Nigeria. We have been in existence for years and have maintained a long-standing relationship with the government, NNPCL, and Dangote.
“The said publication is not from IPMAN, and it cannot be from IPMAN because we have always advocated for total deregulation of the downstream sector. We understand the concept of deregulation, along with its benefits and consequences.
“We (IPMAN) are never against the reduction of petroleum product prices in the country, as it brings relief to citizens. Moreover, as marketers, lower prices mean reduced working capital for us as well.”
Fashola further explained that fuel prices in the country are primarily influenced by two factors—the exchange rate and crude oil prices—neither of which are controlled by refiners or importers, especially in a fully deregulated market.
He added, “A fixed timeframe or prior notice for price changes, as previously suggested, is impractical in this era of total deregulation due to competition among market players—everyone wants a share of the market.
“IPMAN, as a body, fully supports the government, NNPCL, and Dangote in this phase of total deregulation and subsidy removal. We stand by the federal government’s reform agenda under President Asiwaju Bola Ahmed Tinubu.”
