The Independent Petroleum Marketers Association of Nigeria (IPMAN) has debunked the allegations that it opposed the recent reduction in Premium Motor Spirit (petrol) prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
IPMAN had been alleged to be protesting against the Federal Government due to the affordability of Dangote and NNPCL fuel.
But its National Vice President, Mr Hammed Fashola, dismissed the claims, insisting that the association has always supported full deregulation and lower fuel costs, as they benefit both consumers and marketers.
He said that the said publication was not from IPMAN, because IPMAN . understands the concept of deregulation, along with its benefits and consequences, stressing that lower prices mean reduced working capital for marketers too.
Mr Fashola further clarified that fuel prices in Nigeria are primarily influenced by exchange rate and crude oil prices, factors that are usually beyond the control of refiners or importers, especially in a fully deregulated market.
The IPMAN executive reiterated the association’s full support of the government, NNPCL, and Dangote in the ongoing phase of total deregulation and subsidy removal.
He also emphasised the association’s commitment to supporting efforts aimed at ensuring market stability and providing relief to Nigerian consumers.