Subsidy: IPMAN lauds FG over approval for importers, says price’ll crash

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended the Federal Government for approving importation of petroleum products by private firms.

The Chairman of IPMAN Enugu Depot in charge of Anambra, Ebonyi, and Enugu states, Chinedu Anyaso, said this while reacting to the development in Awka on Sunday.

The Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, on Friday, June 2, said private marketers could now import petrol into the country.

Ahmed said under the new arrangement, the NNPCL had ceased to be the sole importer of petrol into Nigeria.

Reacting, Anyaso said this was a positive development and appropriate responses to the demands of marketers and Nigerian masses who had condemned the monopolistic grip of NNPCL on the oil and gas sector for decades.

He said this would create the much needed competitive pricing environment and allow market forces to demand price of products.

READ ALSO: NMDPRA: Fuel importation now open to all

The IPMAN chairman said: “Two days ago, I repeated the call that the Federal Government should issue import licences to private investigators.

“I also said it is wrong for the NNPCL, which is a private company, to be the sole importer and determiner of prices.

“I am happy that the same NMDPRA also announced that approval has been given to private importers. This is how it should be in a deregulated Industry.

“The competition that will begin in the coming days will surely ease the pain of high prices of products.”

Anyaso commended the Federal Government for its bold step and called on it to extend the same to refineries to complement the contributions of Dangote refinery when it commenced production.

He said the four existing refineries should be repaired to produce at optimal capacity while licences are issued to more people who could build modular refineries.

The IPMAN official said this was the time to address the problem of Enugu depot which has been moribund for over 15 years and made distribution of products in the zone difficult.

“We are appealing that as the government is addressing the issue of supply, they should also address the problem of distribution, Enugu depot has not functioned for over 15 years, we need the Federal Government to fix it.

“It has not been easy for our members who source products from Lagos, Warri, Calabar and bring by road, the risk, accident, and losses have been too much,” Anyaso added.

The Star