We’ve capacity to force down price of petrol, IPMAN assures
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has boasted that it has the capacity and that it takes to force down the pump price of Premium Motor Spirit (PMS) which has skyrocketed following the removal of subsidy by President Bola Ahmed Tinubu.
Recall that President Tinubu, after his inauguration said that “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.” He said that since there was no provision for subsidy in the budget from June 2023, and it stands removed.
But barely a few hours after his announcement , fuel queues resurfaced in Abuja, Lagos and some states. Motorists besieged filling stations in Abuja, Nasarawa and Niger states on Monday afternoon following the news.
The announcement triggered a rush for petrol at fillings stations in Abuja and neighbouring states by motorists, as they struggled to get their tanks filled, over fear that once subsidy ends, the cost of PMS could rise above N500/litre.
The National President of IPMAN, Elder Chinedu Okoronkwo, who spoke on the issue while addressing journalists at a news conference in Abuja on Wednesday, disclosed that members of his association are totally in support of fuel subsidy removal by Tinubu and expressed optimism that the unbundling of the downstream sector has opened the doors for more investors to come in.
The IPMAN president expressed optimism that the association has the numerical strength to force down the price of fuel once they start independent importation of the product.
He said, “Our association has the numerical strength to force down the price of fuel once they start independent importation of the product.’’
The IPMAN president said the association has decided to use Compressed Natural Gas (CNG) as an alternative energy source to cushion the effect of subsidy removal, adding that its adoption will serve as an alternative fuel that would bring a better and long-lasting solution to the constant fluctuation in the price of petrol in the global market.
Okoronkwo, who had supported the removal of subsidy and usage of CNG said bringing CNG which was cheaper than even firewood as an alternative energy would create relief for the government and its citizens.
He added, “We have also discovered that bringing an alternative that is cheaper than even firewood which is CNG will not only create relief for the government and its citizens but is environmentally friendly.
“The CNG is abundantly available in Nigeria than anywhere in Africa.
“In Niger-Delta region you see billions of tonnes of gas flare being wasted daily, these are huge amounts that should be accruing to our GDP but we are wasting it because there is no market for it.
“So we are asking the government to create the market. How do you create the market?
“What Egypt and India did was to give soft loans to be paid back within stipulated periods from there you can get vehicles to use gas instead of fuel.’’
