Petroleum traders under the umbrella of the Independent Petroleum Traders Association of Nigeria (IPMAN) have disclosed that they have the power to reduce the price of Premium Motor Spirit pump, also known as ‘essence.
The approval of the fuel marketers followed President Bola Tinubu’s recent cancellation of the fuel subsidy scheme. Tinubu has announced on the day of his inauguration, announced the end of the fuel subsidy regime in our land.
The announcement led to the hike in the pump price of petrol from N184 per liter to N500 per liter by the Nigerian National Petrol Company (NNPC) Limited.
According to the President of IPMAN, Chinedu Okoronkwo, the group fully supports the president’s withdrawal of the subsidy because it will finally open up the low-cost petroleum sector to more investors, which is Good presentation for the company.
Explaining how the group was able to lower the price of petrol at the pump as NNPCL said Nigerians should not expect any price reduction even with the increase in domestic production, the IPMAN boss, at a press conference in Abuja on Wednesday , said.
Unions have the power to lower the price of gasoline once they start importing the product themselves. According to him, this is one of the benefits of reopening the petroleum sector in the country.
Okoronkwo made it clear that the 2023 budget does not include fuel subsidy and furthermore, payment of subsidy is no longer possible. But, he said that President Tinubu’s sudden announcement caused panic in the oil sector, leading to fuel scarcity and fuel price hike.
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