The Independent Petroleum Marketers Association of Nigeria (IPMAN) has refuted claims that it stood against plans by 650,000 barrels per day (bpd) Dangote Refinery and the Nigerian National Petroleum Co. Ltd. (NNPCL) to reduce petrol prices.

The accusation originated from a post on X/Twitter made by former presidential aide Reno Omokri, who said that IPMAN was protesting the government due to fuel produced by the NNPCL and Dangote becoming more affordable.

According to Niche, Omokri noted that for the first time in Nigeria’s history, “IPMAN, the Independent Petroleum Marketers of Nigeria, are protesting against the Nigerian government because NNPCL and Dangote Refinery’s fuel is so cheap that their imported fuel is causing them to lose money”.

He continued: “Instead of Nigerians protesting high prices, marketers are now railing against low costs. From N1050 [$0.68] to N815 [$0.53]. [Nigerian President Bola] Tinubu did it! In just one month, fuel prices have gone down three times”.

IPMAN’s national vice president, Hammed Fashola responded to the comments on March 16, and noted that his organisation had never been in opposition to price reductions. The official continued to clarify that a report referenced by Omokri could not have originated from IPMAN, due to their long-running record of supporting full deregulation of the oil and gas sector.

“The said publication is not from IPMAN, and it cannot be from IPMAN because we have always advocated for total deregulation of the downstream sector. We understand the concept of deregulation, along with its benefits and consequences,” he said, adding: “We [IPMAN] are never against the reduction of petroleum product prices in the country, as it brings relief to citizens. Moreover, as marketers, lower prices mean reduced working capital for us as well”.

Fashola continued to say that fuel prices in Nigeria were influenced primarily by the exchange rate and crude oil prices – two elements that IPMAN was unable to control.

The official concluded that IPMAN “fully supports the government, NNPCL, and Dangote in this phase of total deregulation and subsidy removal. We stand by the federal government’s reform agenda under President Asiwaju Bola Ahmed Tinubu”.