Independent petroleum marketers have urged the Federal Government to restore their right to import petroleum products, saying increased competition could reduce the pump price of petrol to below N800 per litre.
The call was made on Monday during a stakeholders’ meeting on petrol pricing held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.
The meeting, convened by the Federal Government, brought together key players in the downstream oil sector, including representatives of the Dangote Petroleum Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Major Energy Marketers Association of Nigeria (MEMAN), and other industry stakeholders.
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The government said the meeting aimed to address the gap between declining global crude oil prices and the relatively high cost of petrol in Nigeria.
Speaking at the meeting, IPMAN National President, Abubakar Maigandi, called on the government to allow independent marketers to import fuel directly while also supporting local refineries, especially the Dangote Refinery.
He said IPMAN members should be allowed to buy products directly from the Dangote Refinery and also import fuel whenever necessary to encourage healthy competition and lower prices.
Maigandi noted that independent marketers had already reduced petrol prices by about N125 per litre nationwide and expressed confidence that prices could fall below N800 per litre if market conditions remain favourable.
He added that the Dangote Refinery’s decision to supply products directly to independent marketers would further help bring down fuel prices across the country.
The push for renewed importation rights comes as competition intensifies in Nigeria’s downstream petroleum sector following the expansion of production at the Dangote Refinery and the deregulation of the petrol market.
