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2 weeks ago
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- Independent lipid marketers person rejected PETROAN’s connection to hole substance terms reviews each six months
- The marketers argued that the connection contradicts the Petroleum Industry Act and the principles of deregulation
- IPMAN wants substance prices to bespeak crude lipid prices and speech rates, and that contention volition yet pb to just pricing for consumers
Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has opposed a connection by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) calling for fixed reviews of substance prices each six months.
Source: Getty Images
IPMAN argues that specified a regularisation would contradict the principles of the Petroleum Industry Act, which advocates for a deregulated marketplace wherever marketplace forces find prices.
Legit.ng antecedently reported that PETROAN criticised the continuous reduction successful substance prices by the Dangote refinery and besides Nigerian National Petroleum Company Limited it is affecting their businesses.
They argued that unpredictable marketplace conditions resulting from predominant terms adjustments discourage sustained concern and airs risks to concern stability.
The marketers projected regulatory measures to support substance prices for a minimum of six months to mitigate losses and foster concern certainty successful the sector, Punch reports.
IPMAN disagrees with PETROAN
In absorption to the PETROAN connection the National Vice President of IPMAN, Hammed Fashola said that substance prices are chiefly influenced by planetary crude lipid prices and speech rates, some of which are taxable to fluctuations beyond section control.
He dismissed the connection of enforcing fixed prices amidst volatile economical conditions, asserting that deregulation promotes steadfast contention and marketplace efficiency.
His words:
"Deregulation fosters competition. It ensures just marketplace entree for importers and refiners alike, thereby offering consumers competitory substance prices portion discouraging monopolistic practices."Speaking connected the importation, Fashola clarified that importers run independently of authorities backing and should not beryllium restricted from importing fuel.
He highlighted the benefits of a diversified marketplace wherever locally refined products can vie favourably with imported fuel, yet benefiting consumers with little prices.
NNPC, Dangote trim substance prices
The statement connected the petrol pricing operation follows the determination by the Dangote Refinery and NNPC Limited to set prices.
On Thursday, March 13, 2025, the Dangote Refinery softly lowered the PMS terms astatine its loading gantry.
The elephantine refinery reduced petrol prices from N825 per litre to N815, portion retail prices astatine partnered stations successful Lagos to N860 per litre.
A fewer days later, NNPC Limited besides adjusted its petrol pump prices astatine its retail outlets.
This terms warfare was frowned upon by lipid marketers nether the aegis of PETROAN.
Dangote shares economical benefits of refinery
In a erstwhile study by Legit.ng the Dangote Group has provided penetration into the benefits of petroleum refining for Nigeria's economical growth
In a connection shared connected X, the conglomerate said that the refinery has played an important relation successful the economical improvement of Nigeria.
Some of the benefits highlighted see energy security, section occupation creation, and reduced dependence connected imported fuel, portion besides lowering petrol prices successful Nigeria.
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Source: Legit.ng
