PETROAN, IPMAN reveal two solutions to reduce fuel prices in Nigeria

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, and the Independent Petroleum Marketers Association of Nigeria, IPMAN, have proposed two solutions to lower the pump price of Premium Motor Spirit (PMS) in Nigeria as it approaches N1,400 per litre. Their national presidents, Billy Gillis-Harry and Abubakar Maigandi, discussed the issue in separate interviews with the DAILY POST on Tuesday.

Gillis-Harry stated that federal government intervention and a strong stance against anti-competitive petrol pricing are necessary to combat rising fuel costs. He emphasized that fuel retailers purchase products at specific prices from suppliers, which directly affects their retail prices. Gillis-Harry stressed that retailers are committed to selling products at realistic prices, following a process that ensures the Nigerian market benefits from better service.

Maigandi, IPMAN's National President, attributed the recent fuel price hike to the escalating conflict between the United States and Iran. He urged the Federal Government to work with the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) to clamp down on anti-competitive petrol pricing. Maigandi also appealed to the government to intervene with Dangote Refinery to reduce fuel pump prices throughout the country.