The Independent Petroleum Marketers Association of Nigeria (IPMAN), Akwa Ibom State Coordinating Committee, has defended its members against allegations of price gouging, stating that they are law-abiding business owners who do not engage in the exploitation of citizens.
This defense comes amid growing concerns over fuel pricing across the country and the operational challenges faced by independent marketers.
The association’s statement is a direct reaction to a recent warning from the Federal Government. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, cautioned petroleum marketers against using profits from older, more expensive fuel inventories to justify keeping petrol prices high.
Minister Lokpobiri insisted that the benefits of lower replacement costs must be passed directly to consumers, hinting that regulatory bodies might enforce price controls if necessary.
Reacting to the development, Comrade Francis Udoyen, Chairman of the IPMAN Akwa Ibom State Coordinating Committee, advised the Federal Government against attempting to enforce price controls within a deregulated system.
Speaking exclusively to XL News, Udoyen urged the government to instead collaborate with marketers to foster a more transparent ecosystem within the energy sector, which would naturally stabilize the market.
Elaborating on the current market realities, Comrade Udoyen explained that independent marketers are operating under severe stress.
He noted that the constant fluctuations in fuel prices, combined with the unpredictable activities of third-party middlemen, have subjected marketers to immense financial anxiety and operational uncertainty.
Echoing the Chairman’s sentiments, the committee’s Public Relations Officer, Comrade Emmanuel Isaac, alongside the Chief Protocol Officer, Comrade Kufre Ubom, highlighted the financial risks borne by fuel station owners.
They emphasized that during periods of drastic price fluctuations, marketers often suffer huge, unrecoverable losses, refuting the notion that they are unfairly profiting at the expense of the public.
