The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Thursday supported the reduction of the pump price of Premium Motor Spirit from N145 to N125 per litre by the federal government.
IPMAN’s President, Mr. Chinedu Okoronkwo, disclosed this in an interview in Lagos on Thursday.
Okoronkwo urged the federal government to deregulate the petroleum sector, especially with the opportunity provided by the crash of global crude oil prices.
He said: “We welcome the reduction because it is what will bring relief to Nigerians who are facing economic challenges.
“Although, some of our members have old stocks and some have ordered for products with the old price, but we believe we must put the interest of the country first.
“We will still engage the government on what can be done to cushion the effect of the reduction on our businesses in terms of palliatives.”
On the need for the deregulation of the petroleum industry by the federal government, he said it is the right thing to do since the product was no longer being subsidised due to the low cost of landing.
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“This is the time for government to deregulate PMS just like it was done with diesel and kerosene, and let market forces determine the price.
“Deregulation of PMS will enable more modular refineries to come on board so that we won’t need to refine our crude oil outside the country.
“Also, the government should give all necessary support to Dangote Refinery so that it can start production as soon as possible.
“Once we are able to meet our local consumption needs, the pressure on foreign exchange will reduce which will be good for our economy,” he said.
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