Fuel marketers have warned they will shut down filling stations nationwide if the Federal Government attempts to impose price controls on petrol in Nigeria’s deregulated downstream petroleum sector.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, issued the warning on Tuesday while reacting to recent comments by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on the need to curb profiteering in the sector.
Speaking at the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja on Monday, Lokpobiri said although petrol pricing had been deregulated, the government would not allow marketers to exploit consumers through excessive pricing.
He stressed that while market forces should determine fuel prices, regulatory agencies still had a responsibility under the Petroleum Industry Act (PIA) to prevent unnecessary profiteering and protect consumers.
The minister’s remarks followed concerns over the failure of petrol prices to decline significantly despite a sharp drop in global crude oil prices.
Responding, Ukadike rejected allegations that marketers were profiteering, insisting that many operators were instead recording heavy losses due to repeated reductions in depot prices, particularly by the Dangote Refinery.
He argued that enforcing price controls in a deregulated market would contradict the provisions of the PIA and discourage investment in the sector.
“If the government tries to enforce price control, we will shut down our filling stations nationwide. You cannot operate a deregulated market and at the same time dictate the price marketers should sell their products without considering the cost of purchase,” he said.
Ukadike explained that marketers often buy fuel at higher prices only for depot prices to fall before they can sell, leaving them with losses while still servicing bank loans used to finance purchases.
According to him, the solution to high petrol prices is not government intervention in pricing but increased competition through improved local refining capacity and expanded fuel importation.
He urged the Federal Government to focus on reviving domestic refineries and creating an environment that encourages competition, which he said would naturally drive down fuel prices.
Also reacting, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the minister had the authority to intervene in the interest of consumers but advised that any decision should be taken after consultations with stakeholders.
He called on the Minister of Petroleum Resources to convene an emergency meeting involving regulators, refiners and marketers to address the pricing concerns and arrive at solutions acceptable to all parties.
Meanwhile, the spokesperson for the NMDPRA, George Ene-Ita, said he had not been briefed on any planned regulatory action regarding fuel pricing.
Petrol currently sells for between ₦1,140 and ₦1,210 per litre across different parts of the country, depending on location.
