The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to fully deregulate Nigeria’s downstream oil and gas sector to make it competitive for independent marketers and to also bring stability to prices nationwide.
This was disclosed by Alhaji Danladi Pasali, IPMAN’s National Secretary in an interview on Friday in Abuja.
The IPMAN boss suggested that full deregulation would bring more competitiveness to the space and even cause a price reduction due to stability and market demand.
Nairametrics reported that the Petroleum Products Pricing Regulatory Agency, (PPPRA) bowed to pressure after deleting an earlier published template announcing that the new price of petrol has reached N212.6 per litre.
PPPRA in a press release clarified that its publication of monthly template does not amount to increasing the price of petroleum products, as it does not fix the price of Premium Motor Spirit, otherwise known as petrol.