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Fuel marketers have warned that they may shut down filling stations across Nigeria if the Federal Government introduces price controls on petrol, insisting that such a move would undermine the country’s deregulated downstream petroleum sector. The warning follows recent remarks by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, suggesting that Nigerians should expect lower fuel prices as competition among suppliers increases.
Speaking on behalf of independent marketers, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said marketers are not opposed to lower fuel prices but reject any attempt to compel operators or refineries to sell below cost. He argued that the government should instead encourage increased fuel importation, ensure local refineries operate efficiently, and promote healthy competition, which would naturally drive down prices without administrative controls.
The marketers maintained that any attempt to impose artificial pricing could lead to significant financial losses for operators and disrupt fuel distribution nationwide. They urged the Federal Government to uphold the principles of market deregulation while addressing the underlying causes of high petrol prices, warning that a return to price controls could trigger a nationwide shutdown of filling stations and worsen supply challenges.
