Fuel Marketers Threaten Nationwide Station Shutdown Over Proposed Price Controls

The Independent Petroleum Marketers Association of Nigeria has warned it will close filling stations across the country if the federal government tries to fix retail pump prices in a deregulated sector. The Minister of State for Petroleum Resources said deregulation does not mean abandoning consumer protection. He stressed that regulators must curb profiteering under the Petroleum Industry Act. IPMAN says many operators are already making huge losses. They bought fuel at higher rates, then saw prices fall after Dangote Refinery cuts. Marketers are stuck with costly stock, low sales and fixed-rate bank loans. They urge the government to fix state refineries, boost imports and foster real competition. If officials push price controls, IPMAN insists it will shut down stations nationwide.

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