The Independent Petroleum Marketers Association of Nigeria has urged the Federal Government to halt the importation of Premium Motor Spirit, arguing that imported petrol has become more expensive than locally refined products and is frustrating efforts to stabilise prices in the downstream sector.
The association said the continued issuance of fuel import licences was worsening price volatility, putting additional pressure on the naira and undermining the competitiveness of domestic refineries, particularly the Dangote Petroleum Refinery.
Speaking with The PUNCH, the National Publicity Secretary of IPMAN, Chinedu Ukadike, said the recent import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority had failed to achieve their intended objective of moderating domestic fuel prices.
According to him, petrol imported under the new licences is being sold at rates significantly higher than the price of products supplied by the Dangote refinery.
Ukadike said, “Independent marketers have looked at the issues of price volatility, import licences and the sale of petroleum products in dollars. I want to use this opportunity to urge the Federal Government to transparently review these issues through the Nigerian Midstream and Downstream Petroleum Regulatory Authority, which is the industry’s regulator.
