IPMAN opposes rising petrol imports, warns of higher pump prices
By Obas Esiedesa, Abuja The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised concerns over the recent increase in petroleum product import licences, warning that the development could worsen price instability, increase pressure on the naira and push petrol prices higher.
He argued that imported petrol has a landing cost estimated to be about 20 per cent higher than locally refined products from Dangote Refinery, adding that reliance on costly imports was putting additional pressure on Nigeria’s foreign exchange reserves.
Ukadike said independent marketers had reviewed developments in the downstream sector, including the import licence regime, price fluctuations and the increasing use of foreign exchange for petroleum transactions.
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