Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that petrol prices will soon crash
IPMAN’s national publicity secretary, Chinedu Ukadike, said Nigeria is in complete deregulation of the petroleum industry. He stated that the current pain caused by petrol scarcity and high prices will soon ease as supply stabilises
He said that high petrol prices and scarcity are expected as the country transitions into complete deregulation. …CONTINUE READING
Ukadike said the country is moving from a regulated market to a free one, stating that the Dangote Refinery had been undersupplying the market.
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New Telegraph reports that the IPMAN spokesman said the association is in talks with the $20 billion refinery to integrate its members to sell fuel from the plant, stating there would be positive news soon.
According to Ukadike, the issues will take some time to dissolve, adding that petroleum products have been deregulated in the country.
He expressed optimism that, with time, the prices of petroleum products will begin to crash.
The development came after Dangote Refinery began directly supplying petrol to marketers, bypassing the Nigerian National Petroleum Company Limited (NNPC).
