• Oil & Gas - News
  • Updated: June 08, 2023

IPMAN Reveals Plan To Reduce Petrol Prices

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that it has the numerical power to push the price of Premium Motor Spirit, better known as petrol, down after the Federal Government removed the subsidy.

This was revealed by IPMAN's National President, Chined Okoronkwo, while speaking to media during a press conference in Abuja on Wednesday, June 7, 2023.

Okoronkwo stated that members of his organisation fully support President Bola Tinubu's decision to eliminate gasoline subsidies and expressed confidence that the unbundling of the downstream industry had allowed additional investors to enter.

The president of IPMAN expressed confidence that the organisation will be able to reduce fuel prices once it begins autonomous imports of the commodity.

"Our organisation has the numerical strength to force down the price of fuel once they begin independent importation of the product," he stated.

In addition, the IPMAN president stated that the organisation has decided to use compressed natural gas (CNG) as an alternative energy source to mitigate the effects of subsidy removal, adding that its use will serve as an alternative fuel that will provide a better and long-term solution to the constant fluctuation in the price of petrol in the global market.

Okoronkwo, who had advocated for the elimination of subsidies and the use of CNG, stated that bringing CNG, which is cheaper than even firewood, as an alternative energy source would provide relief to the government and its residents.

He added, “We have also discovered that bringing an alternative that is cheaper than even firewood which is CNG will not only create relief for the government and its citizens but is environmentally friendly.

“The CNG is abundantly available in Nigeria than anywhere in Africa.

“In Niger-Delta region you see billions of tonnes of gas flare being wasted daily, these are huge amounts that should be accruing to our GDP but we are wasting it because there is no market for it.

“So we are asking the government to create the market. How do you create the market?

“What Egypt and India did was to give soft loans to be paid back within stipulated periods from there you can get vehicles to use gas instead of fuel.’’

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Lawrence Agbo
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