Fuel price hike: Deregulation fully taking place — IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has attributed the recent increase in fuel prices to the full deregulation of the oil sector.

IPMAN President Abubakar Garima, while speaking on Channels Television’s Sunrise Daily on Thursday, clarified that the price adjustment should not be seen as an increase but as the result of removing subsidies from the sector.

“Well, we know now that we cannot call it an increase, but rather, we can call it the removal of subsidy — deregulation. Now, deregulation has started taking place fully,” Garima said.

Retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) have adjusted prices, with a litre of fuel now selling for ₦998 in Lagos, up from ₦855, and ₦1,030 in Abuja, compared to the previous price of ₦897.

This adjustment follows the announcement by President Bola Tinubu in May 2023, when he declared the end of the fuel subsidy. Prior to the removal, fuel was sold at around ₦200 per litre nationwide.

However, Garima reassured Nigerians that with full deregulation, fuel availability would soon improve.“The change that Nigerians are going to expect now: one, we are expecting availability since there is no subsidy,” he said.

He also emphasised that the Nigerian National Petroleum Company (NNPC) would no longer be the sole importer of fuel.

“Other marketers too will participate,” Garima said, explaining that private marketers will now be able to buy directly from Dangote Refinery, ensuring a more competitive and potentially stable supply of fuel in the market.

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