The Independent Petroleum Marketers Association of Nigeria (IPMAN) has explained how the ongoing petrol price competition between the Nigerian National Petroleum Company Limited (NNPC) and Dangote Petroleum is affecting its members.
Speaking in Awka on Friday, the IPMAN Chairman for Anambra, Ebonyi, and Enugu states, Chinedu Anyaso, said the unstable prices in the sector are creating uncertainty and making investors lose confidence.
He noted that while the competition has helped reduce prices for the public, the frequent changes in petrol prices are due to the rivalry between NNPC and Dangote, not because of global market changes.
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According to him, “Marketers are on the receiving end of this price war between Dangote and NNPCL.
“Our members are losing money because of the unstable environment.
“For example, a marketer may buy petrol from one of them, and before leaving the depot, the price drops by N10 or N20 per litre.
“The recent drop happened because marketers discussed prices with one company, and without any major market changes, the other company suddenly reduced its prices by a large margin. This has put many of our members in a difficult situation.
“We can no longer plan properly. Paying loans and salaries is becoming harder because profits are no longer certain due to frequent price changes.”
Anyaso urged NNPCL and Dangote to work together to ensure Nigerians fully benefit from deregulation and fair pricing.
He added that the marketers must be protected as wellas their jobs.
“For people to truly enjoy the benefits of deregulation and fair pricing, both companies must work from the same approach. NNPCL needs to start full production.
“That is the only way they can compete and create a stable market. Relying on both local production and imports will not bring stability.
We must protect marketers and save jobs,” he said.
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