Fuel marketers have declared that their filling stations will stop selling petrol should the Federal Government try to enforce price control.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, issued the warning on Tuesday during an interview with our correspondent.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, warned on Monday that the government would not tolerate profiteering and other practices that exploit fuel consumers. Lokpobiri said that, though the era of government-fixed petrol prices was over, deregulation did not mean regulators should abdicate their responsibility to protect consumers.

The minister spoke in Abuja at the opening ceremony of the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.

His remarks came amid renewed public concerns over the failure of refiners and importers to lower the gantry prices of petroleum products even as crude prices fell from a high of $120 during the US-Iran war to as low as $72 a barrel.

On Sunday, the Federal Competition and Consumer Protection Commission expressed concern over what it described as possible consumer exploitation in the downstream petroleum sector following the failure of fuel prices to decline significantly despite the sharp drop in global crude oil prices.

During the Monday engagement, the oil minister told the NMDPRA to ensure Nigerians are not exploited by fuel marketers. “As part of the requirements of deregulation, prices have to be determined by market forces. The NMDPRA has a unique responsibility, compounded by the PIA, to ensure not only that products are available but also that unnecessary profiteering is stopped.

“Yes, the market is definitely deregulated, but that doesn’t limit deregulation… What is important is the reality of the situation in the industry. Primarily, market forces have to determine prices. But we also have a responsibility as a government to ensure that there is no profiteering. The PIA specifically vested (that power in) government institutions, including the NMDPRA,” Lokpobiri said.

However, the IPMAN spokesman denied allegations of profiteering, saying many marketers are running into losses with the series of reductions carried out lately by the Dangote refinery.

Ukadike said the Federal Government should first investigate the root cause of the current high petrol prices and boost competition by making sure its refineries work, stressing that marketers will sell what they buy.

He warned, “Marketers will shut down if they try somehow to enforce price control. We are going to shut down our stations nationwide. You can’t be regulating a deregulated market. You can’t tell me how much to sell my product without trying to know how much I bought it.”

Recounting the ordeals of marketers, he said, “We, the independent marketers, are losing money. We bought petrol at a particular rate a few days ago; on our way to our filling stations, there was a reduction. We have been struggling with the price. We have been struggling against financial losses. We are also struggling against stagnation due to low patronage of our products. Because those marketers who are purchasing now are purchasing at a lower price, and they are selling cheaper.

“If you don’t bring down your price, you cannot see buyers. This is the beauty of deregulation. If you cannot compete, you will not survive in the market. And because most of us are trading on bank loans, the bank does not know when the price goes up or goes down. Their interest rate is fixed; their return on investment is fixed. So, you must pay them. This is the situation we find ourselves in.”

Ukadike maintained that the factors of demand and supply should determine price.

“By the time more products come in, you will see that the prices will go down. What we, independent marketers, are asking for is not about regulation or trying to bring price control or trying to force marketers to sell below or trying to force Dangote to sell below its production cost. What we are asking is to open up the various channels, boost importation, and let local refineries start refining. This will push the competition to the peak. With this, prices will drastically go down,” he stated.

Ukadike said the Federal Government has to find out the remote cause of the high fuel prices before calling for price control.

“The primary cause of this is that there is no competition. If there should be competition, the refineries will be working. That is where the minister should put his energy to ensure that our local refineries or whatever partnership we have with the Chinese will work. It is not about going to filling stations to check who is selling at higher prices. Do you know how much I bought the fuel for? Can you have a regulated market in a deregulated economy? You can’t be blowing hot and cold at the same time. The PIA must be followed to the letter. If they try to enforce price control, we will shut down,” Ukadike said.

PETROAN speaks

The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said the minister has the power to intervene in ensuring consumers are not exploited. However, he said this must be in consultation with major stakeholders in the sector.

“The minister of petroleum has the power to intervene in ensuring that Nigerians are treated fairly. The NMDPRA has the power, and so does the FCCPC. However, these decisions to discipline or not to discipline should follow stakeholder practice.

“We have the petroleum stakeholder conference that is being headed by the minister. And I think that this is the time for the minister to convene a meeting of all the stakeholders to unravel what the scenario is and what the situation is and make a decision that is beneficial for Nigerians. That’s what I think we should do,” he said.

Gillis-Harry maintained that the government should act without the consent of the stakeholders. “They have the right to intervene, but if they do that and the stakeholders have a different view, that will be difficult. And that’s why the minister should mandate a meeting to speak to all stakeholders as fast as possible.

“The minister has the power to intervene in matters like this, and every stakeholder, including the refineries, must comply,” he submitted.

Meanwhile, the NMDPRA spokesman, George Ene-Ita, told our correspondent that he was yet to be briefed about the plans of the management as far as the matter is concerned. “I’ve not been briefed. I don’t know the action the management wants to take,” Ene-Ita replied.

Petrol currently sells at prices ranging between N1,140 and N1,210, depending on the location. (The PUNCH)

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