Fuel marketers have declared they will shut down their filling stations if the Federal Government attempts to enforce price controls, according to The PUNCH. IPMAN National Publicity Secretary Chinedu Ukadike issued the warning after Minister of State for Petroleum Resources Heineken Lokpobiri directed NMDPRA to prevent profiteering and exploitation of consumers.
Ukadike argued that “you can’t be regulating a deregulated market,” insisting that market forces should determine prices. Marketers say they are already losing money due to recent price reductions by Dangote Refinery and are struggling with bank loans.
PETROAN President Billy Gillis-Harry suggested the minister convene a stakeholder meeting to resolve the impasse. Petrol currently sells between N1,140 and N1,210 per litre.
Key Points:
Consumers face potential fuel shortages if marketers carry out their threat
Marketers argue deregulation means prices must be market-driven, not controlled
Government faces a delicate balance between protecting consumers and avoiding chaos
Marketers say they are losing money and cannot absorb further price cuts
The standoff could escalate fuel prices or trigger supply disruptions
The government and marketers are heading for a showdown. Stakeholder meetings may determine whether price controls are enforced or a compromise is reached.
Sources: PUNCH, PETROAN
