The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that its members will shut down filling stations nationwide if the Federal Government attempts to impose price control on Premium Motor Spirit (petrol), insisting that such a move would undermine the country’s deregulated downstream petroleum sector.
The National Publicity Secretary of IPMAN, Chinedu Ukadike, issued the warning during an interview on Tuesday while reacting to recent comments by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri.
Lokpobiri had, on Monday, cautioned that the Federal Government would not tolerate profiteering or any practice that exploits fuel consumers, stressing that although the era of government-fixed petrol prices had ended, deregulation did not absolve regulators of their responsibility to protect Nigerians.
The minister spoke at the opening of the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja.
His remarks followed growing public concern over the refusal of refiners and importers to significantly reduce petrol prices despite a sharp decline in global crude oil prices from about $120 per barrel during the recent US-Iran conflict to around $72 per barrel.
Similarly, the Federal Competition and Consumer Protection Commission (FCCPC) had raised concerns over possible consumer exploitation in the downstream sector following the sustained high pump prices despite falling crude oil prices.
Speaking at the forum, Lokpobiri emphasised that while market forces should determine fuel prices under the Petroleum Industry Act (PIA), government agencies still have a duty to prevent excessive profiteering.
“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,” the minister said.
He added that deregulation does not prevent government institutions from intervening where consumers are being unfairly exploited.
Reacting, Ukadike rejected allegations that marketers were profiteering, arguing that many independent marketers are currently operating at a loss due to frequent reductions in ex-depot prices by the Dangote Petroleum Refinery.
He warned that any attempt to dictate retail prices would force marketers to suspend operations nationwide.
“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,” he said.
Ukadike explained that marketers often purchase petrol at higher prices only for ex-depot prices to drop before the products reach their filling stations, resulting in heavy financial losses.
He noted that many independent marketers rely on bank loans, making it difficult to absorb repeated price reductions while still meeting loan repayment obligations.
“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,” he stated.
According to him, deregulation encourages competition, and marketers who fail to adjust their prices risk losing customers to competitors selling at lower rates.
READ ALSO: IPMAN Threatens Nationwide Fuel Station Shutdown Over Planned Petrol Price Control
Ukadike argued that instead of contemplating price control, the government should focus on increasing competition by ensuring local refineries become fully operational and encouraging more product importation.
“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 said.
He maintained that the lack of effective competition remains the major factor responsible for current petrol prices and urged the Federal Government to prioritise reviving domestic refining capacity.
“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,” he added.
Also commenting, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, acknowledged that the minister has the authority to intervene to protect consumers but advised that such decisions should be taken after extensive consultations with industry stakeholders.
He called on the Minister of Petroleum Resources to convene an urgent meeting involving marketers, refiners, regulators and other stakeholders to resolve the issue.
“The minister 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 should follow stakeholder practice,” Gillis-Harry said.
He added that while government intervention is necessary, decisions taken without stakeholder consensus could create further challenges within the sector.
Meanwhile, the spokesman of the NMDPRA, George Ene-Ita, said he had not been briefed on any specific regulatory action regarding the matter.
“I’ve not been briefed. I don’t know the action the management wants to take,” he said.
Petrol currently sells for between ₦1,140 and ₦1,210 per litre, depending on location across the country.