Marketers Reject Price Control, Threatens Shutdown

Marketers Reject Price Control, Threatens Shutdown

Petrol marketers have warned that filling stations across Nigeria could shut down if the Federal Government attempts to fix fuel prices.

The warning followed fresh calls by the government for regulators to stop unfair pricing and protect consumers under the deregulated market.

The Independent Petroleum Marketers Association of Nigeria argued that price control would violate the principles of deregulation.

The association said many dealers were already losing money because of frequent price cuts and changing market conditions.

Marketers urged the government to focus on boosting competition by reviving local refineries and allowing more fuel imports instead of monitoring retail prices.

They insisted that lower prices would naturally come when supply improves and competition increases.

The Petroleum Products Retail Outlet Owners Association of Nigeria said the government has the right to step in but advised that any action should follow discussions with industry stakeholders.

Petrol currently sells for between ₦1,140 and ₦1,210 per litre, depending on location.