• Oil & Gas - News
  • Updated: May 30, 2023

Fuel Subsidy Removal: MOMAN, DAPPMAN Support President Tinubu's Pronouncement

The Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have publicly declared their support for President Bola Tinubu's decision to gradually end the system of petrol subsidies.

A unified statement that was released on Tuesday in Lagos by the marketers expressed their support.

The groups value the administration of Tinubu's clear policies, they claim.

They said that the approach represented a brave and realistic change in the economic course of the country.

In view of the reassurances provided by the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), we like to repeat that there is no need to be concerned.

“We strongly urge Nigerians to avoid panic buying or stockpiling of petrol.

“This behaviour not only creates artificial scarcity but also poses a significant safety hazard,”the marketers said.

The marketers said that NNPCL had guaranteed enough fuel supply to Nigerians and that the NMDPRA had been coordinating with all relevant parties to ensure a smooth transition.

“They are ensuring distribution channels remain uninterrupted, thereby making fuel readily available at all filling stations across the country.

“The decision to phase out this fuel subsidy regime is not merely a fiscal reform.

“It is a significant stride toward social justice.

“We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare,” they said.

According to the marketers, such investments stand for a shared future and promise significant, long-term advantages for all Nigerians.

“We understand the concerns regarding potential price increases.

“However, we expect marketers to maintain reasonable pricing, as NNPCL remains the sole supplier of the product currently.

“We anticipate minimal changes regarding distribution costs, considering the cost of the product which constitutes 80 per cent of the pump price,” they said.

The marketers said that they will carefully control these distribution expenses to reduce their influence on the pump price, working with the Nigerian Association of Road Transport Owners (NARTO) and other significant parties.

The marketers said that the announcement demonstrated policy clarity by saying, “we have asked our suppliers to continue supplying products to all legitimate marketers.

“We also urge all stations to remain open and avoid hoarding products.

“We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in a bid to diversify the source of petroleum products and enhance market competition.

“MOMAN and DAPPMAN will maintain open dialogue with the Federal Government, advocating for stability in the oil sector during this transitional period.

“We are prepared to support any measures from the government that would help cushion the impact on the populace,” they said.

President Tinubu was praised by the marketers for his audacious vision, and they stated that they are prepared to work with his administration to advance greater economic equality and prosperity for all Nigerians. 

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Lawrence Agbo
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