IPMAN Denies Opposing Fuel Price Reduction, Backs Deregulation

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denied allegations that it opposed the recent reduction in Premium Motor Spirit (petrol) prices by Dangote Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).

The controversy stemmed from a claim by former presidential aide, Reno Omokri, who alleged that IPMAN was protesting against the Federal Government due to the affordability of Dangote and NNPCL fuel.

In a post on his verified X (formerly Twitter) handle on Saturday night, Omokri suggested that instead of Nigerians protesting high fuel prices, oil marketers were resisting the price cuts that had seen fuel prices drop significantly within weeks.

“For the first time in Nigeria’s history, IPMAN, the Independent Petroleum Marketers of Nigeria, are protesting against the Nigerian government because NNPCL and Dangote Refinery’s fuel is so cheap that their imported fuel is causing them to lose money.

“Instead of Nigerians protesting high prices, marketers are now railing against low costs. From ₦1,050 to ₦815. Tinubu did it! In just one month, fuel prices have gone down three times,” Omokri wrote

Reacting to the claims, IPMAN’s National Vice President, Hammed Fashola, dismissed Omokri’s statement as false and misleading, insisting that the association has always supported the full deregulation of the downstream sector.

Fashola, in a statement released on Sunday, clarified that the alleged report cited by Omokri did not originate from IPMAN and does not represent its stance.

“Let me first educate the public about these two organizations, IPMAN and PETROAN. IPMAN is an association of independent petroleum marketers in Nigeria. We have been in existence for years and have maintained a long-standing relationship with the government, NNPCL, and Dangote.

“The said publication is not from IPMAN, and it cannot be from IPMAN because we have always advocated for total deregulation of the downstream sector. We understand the concept of deregulation, along with its benefits and consequences,” he explained

Fashola further emphasized that fuel price reductions benefit both consumers and marketers, as lower prices reduce the working capital needed for operations.

He said, “We (IPMAN) are never against the reduction of petroleum product prices in the country, as it brings relief to citizens. Moreover, as marketers, lower prices mean reduced working capital for us as well.”

He explained that fuel prices in a fully deregulated market are determined by two major factors—exchange rates and global crude oil prices—neither of which are controlled by local refiners or importers.

“A fixed timeframe or prior notice for price changes, as previously suggested, is impractical in this era of total deregulation due to competition among market players—everyone wants a share of the market,” Fashola added.

Reiterating the association’s support for the government’s economic policies, Fashola stated that IPMAN fully aligns with the federal government’s reform agenda under President Bola Tinubu, including NNPCL and Dangote Refinery’s competitive market structure.

He added, “IPMAN, as a body, fully supports the government, NNPCL, and Dangote in this phase of total deregulation and subsidy removal. We stand by the federal government’s reform agenda under President Asiwaju Bola Ahmed Tinubu.”