Mohammed Shosanya
Major Oil Marketers Association of Nigeria MOMAN and Depot and Petroleum Marketers Association of Nigeria,DAPPMAN,have played down huge increase in the prices of fuel on account of presidential pronouncement on the removal of fuel subsidy in the country.
The two marketers disclosed this in a joint statement on Tuesday in their reaction to the removal of the subsidy and immediate adjustment in the pump prices of the product by some marketers in the country.
It said:”We understand the concerns regarding potential price increases. However, we expect marketers to maintain reasonable pricing, as NNPCL remains the sole supplier of the product currently. We anticipate
minimal changes regarding distribution costs, considering the cost of the product constitutes 80% of the pump price.
“We pledge, in collaboration with the Nigerian Association of Road Transport Owners (NARTO) and other crucial stakeholders, to manage these distribution costs diligently to minimize their impact on the pump price. Considering this clarity of policy, we ask our suppliers to continue supplying products to all legitimate marketers.
“We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in
a bid to diversify the source of petroleum products and enhance market competition.
MOMAN and DAPPMAN will maintain open dialogue with the Federal Government, advocating for stability in the oil sector during this transitional period’
The marketers urged all stations to remain open and shun hoarding products in the country.
They reiterated that there is no cause for alarm on the strength of the assurances given by the Nigerian National Petroleum Company Limited (NNPCL) and the
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),
They urged Nigerians to avoid panic buying or stockpiling of petrol,adding that this behavior not only creates artificial scarcity but also poses a significant safety hazard.
They said:”The NNPCL has assured Nigerians of adequate fuel supply and the NMDPRA is working closely with stakeholders to ensure a seamless transition. They are ensuring distribution channels remain
uninterrupted, thereby making fuel readily available at all filling stations across the country.
They said the decision of President Bola Tinubu to remove fuel subsidy was a right step in the right direction,adding that it signals a courageous and pragmatic shift in our nation’s economic trajectory.
They added:”The decision to phase out this fuel subsidy regime is not merely a fiscal reform; it is a significant stride toward social justice. We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare. These investments symbolize our shared future, promising considerable, long-term benefits for all Nigerians”.
