The Independent Petroleum Marketers Association of Nigeria (IPMAN) has threatened to shut down filling stations nationwide if the Federal Government attempts to enforce price controls in the deregulated downstream petroleum sector.

IPMAN’s National Publicity Secretary, Chinedu Ukadike, issued the warning while reacting to recent directives by government agencies urging regulators to curb what they described as exploitative petrol pricing.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure marketers do not take advantage of consumers. The Federal Competition and Consumer Protection Commission (FCCPC) also warned against excessive pricing.

The government’s position follows a decline in global crude oil prices after tensions between Iran, Israel and the United States eased. Despite the drop and recent price reductions by the Dangote Refinery, petrol prices remain high in many parts of the country, with pump prices in Abuja ranging between N1,210 and N1,300 per litre.

Responding, Ukadike argued that marketers have suffered significant losses due to recent price adjustments, saying many have lost between N10 billion and N15 billion as prices dropped after they had already purchased products at higher rates.

He maintained that imposing price controls would contradict the deregulation provisions of the Petroleum Industry Act (PIA), warning that marketers would shut down their retail outlets nationwide if the government attempted to fix pump prices.

According to him, marketers should be allowed to determine prices based on their acquisition costs, insisting that a deregulated market cannot operate under government-imposed pricing.