“We Have The Ability To Beat Down Fuel Price” – Petroleum Marketers
Fuel marketers under the auspices of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have disclosed that they have the numerical strength to reduce the price of Premium Motor Spirit.
The submission was made to journalists at a news conference in Abuja on Wednesday by the National President of the association, Chinedu Okoronkwo.
According to Okoronkwo, the association fully supports the President’s decision to remove subsidies because it will unbundle the downstream sector and open doors for more investors to come in.
READ ALSO: IPMAN Suspends Planned Strike, Tells Members To Resume Operations
The IPMAN president says the association will be able to force down the price of fuel once they start the independent importation of the product.
This, he claimed was one of the advantages of deregulating the country’s downstream oil sector.
The IPMAN boss furthered that since the 2023 Budget made no provision for fuel subsidies, such payments are no longer justifiable.
Nonetheless, he claimed that President Bola Ahmed Tinubu’s unexpected announcement caused panic in the oil sector, resulting in fuel scarcity and a price increase for petrol.
Full Story: https://www.informationng.com/2023/06/we-have-the-ability-to-beat-down-fuel-price-petroleum-marketers.html
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