…As IPMAN threatens nationwide fuel station shutdown
By Seun Ibiyemi
The Federal Government’s proposal to curb profiteering in the downstream petroleum sector has sparked mixed reactions from industry stakeholders, with petroleum marketers warning against any attempt to impose petrol price controls, while retail outlet owners backed regulatory intervention to protect consumers.
The debate followed comments by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who said the government would not tolerate profiteering despite the deregulation of the downstream sector.
Speaking at the opening of the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja, Lokpobiri stressed that deregulation does not prevent government agencies from protecting consumers against unfair pricing.
He said the Petroleum Industry Act empowers regulators, including the NMDPRA, to ensure petroleum products remain available while preventing unnecessary profiteering by operators.
READ ALSO:FCCPC faults slow petrol price cuts, warns marketers against consumer exploitation
The minister’s remarks came amid growing public concerns over the slow reduction in petrol prices despite the decline in global crude oil prices from about $120 per barrel during the recent US-Iran conflict to around $72 per barrel.
Reacting to the minister’s position, the Independent Petroleum Marketers Association of Nigeria (IPMAN) warned that any attempt to introduce price controls in the deregulated market could trigger a nationwide shutdown of filling stations.
IPMAN National Publicity Secretary, Chinedu Ukadike, argued that marketers were not profiteering but were instead grappling with financial losses caused by frequent downward adjustments in petrol prices, particularly following price reductions by the Dangote Refinery.
According to him, marketers often purchase products at higher prices only for market prices to decline before the fuel reaches their outlets, forcing them to sell at losses while still servicing bank loans.
Ukadike insisted that petrol prices should continue to be determined by market forces, adding that government efforts should focus on reviving local refineries, encouraging imports and promoting competition rather than introducing price controls.
He maintained that increased competition would naturally force prices down and improve affordability for consumers.
READ ALSO:NMDPRA approves fresh petrol, diesel imports permit
Offering a different perspective, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the Minister of Petroleum Resources and relevant regulatory agencies have the authority to intervene where consumers are being exploited.
However, he emphasised that any regulatory action should be preceded by broad consultations with marketers, refiners and other stakeholders to ensure decisions are fair and do not destabilise the downstream petroleum industry.
Gillis-Harry called on the minister to convene an urgent stakeholders’ meeting to review prevailing market conditions and agree on measures that would protect consumers while preserving the gains of deregulation.
Meanwhile, NMDPRA spokesman George Ene-Ita said he had yet to receive any briefing on possible regulatory measures the authority may adopt regarding the issue.
