*Backs fuel subsidy removal
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it has the numerical strength to force down the price of Premium Motor Spirit also known as petrol.
The National President of the association, Chinedu Okoronkwo, disclosed this to journalists at a news conference in Abuja on Wednesday.
Okoronkwo said that his members are totally in support of fuel subsidy removal by President Bola Tinubu and expressed optimism that the unbundling of the downstream sector has opened the doors for more investors to come in.
The IPMAN president expressed optimism that the association has the numerical strength to force down the price of fuel once they start independent importation of the product.
Tinubu in his inaugural speech on May 29, 2023, announced that fuel subsidy has ended.
He said the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
The announcement caused panic in the oil sector resulting in fuel scarcity and a hike in the price of petrol.
Following the President’s pronouncement, the Nigerian National Petrol Company (NNPC) Limited announced an adjustment in the pump price of petrol which now sells for as high as N500 per litre from N184 per litre.
