• Oil & Gas - News
  • Updated: February 01, 2023

Affordable Fuel To Be Accessible In Two Weeks - IPMAN

The Independent Marketers Association of Nigeria (IPMAN) national operations controller Mike Osatuyi, has promised that Nigerians may expect to have more access to petrol in the coming two weeks.

Osatuyi made this claim during an interview on Wednesday at the Morning Show of Arise TV.

Following an important meeting with the Nigerian National Petroleum Company (NNPC) Limited and all other stakeholders from the downstream petroleum value chain on January 31, IPMAN gave its assurance.

According to Osatuyi, the meeting was productive, and all parties would cooperate to see that the problem is resolved.

Osatuyi stated in the interview that all parties involved have agreed to sell fuel at reasonable prices to lessen the load on Nigerians.

Since there are bad apples at every stratum of the system, no one in the value chain, in his opinion, is clean when it comes to all the issues driving the fuel crisis.

They are prepared to address the problems, though, and provide fuel at fair costs.

Osatuyi continued by saying that additional depots would be made available so that more goods could enter the nation.

He also addressed the issue of cross-border smuggling, which the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had earlier stated was a significant contributor to the ongoing fuel crisis.

He emphasised the requirement for the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) to warn its members against using their fuel trucks to cross into neighbouring nations.

According to Osatuyi, if petrol is sold to marketers for N180 per litre and other expenses are included in, Nigerians may wind up purchasing fuel for N210 to N220 per litre, which is cheaper than the N500 per litre that some individuals are currently paying for the good in the nation.

He claims that in order to establish how much will be added to depot pricing, NUPENG and marketers must come to an agreement on the amount that marketers will pay for transportation expenses.

Speaking about fuel subsidies, Osatuyi suggested that the government support big fuel imports to bring down costs.

He claimed that IPMAN is in favour of doing rid of petrol subsidies and suggested using the money that would be made (about N7 trillion per year) to build vital infrastructure and care for the needs of the populace in order to end suffering.

Additionally, he stated that Nigerians would be able to purchase fuel at lower costs after subsidies are eliminated and refineries are operating at full capacity. 

“We are ready to work with all stakeholders so that Nigerians can benefit.

"When the fuel subsidy is removed, the fuel cost will increase, but the money saved will be used for the benefit of Nigerians.”

Nigeria has among the lowest fuel prices on the continent, which has resulted in enormous petroleum smuggling across borders to nations with higher fuel prices.

For instance, fuel costs 13.23 Cedis in Ghana, which equates to roughly N487 per litre, and 540 West African CFA Franc in the Niger Republic, which equals N413.10 per litre.

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