Be Ready For N750/Litre Petrol When Subsidy Is Removed – IPMAN Stakeholders Says As FG Prepares To Deregulate Oil Sector

It was however, pointed out that the projected pump price was likely to drop to around N500 if the government encouraged the Central Bank of Nigeria to provide foreign exchange for marketers at the official rate.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has asked Nigerians to be ready to pay as much as N750 per litre for petrol, as the federal government prepares to completely deregulate the downstream sector of the Nigerian oil and gas industry in the coming months, Thisday reports.

The stakeholders made this known during an online workshop, with the theme, “Deregulation of the Nigerian Downstream Sector: The Day After” over the weekend.

Recall that the Minister of Finance, Budget and National Planning, Zainab Ahmed, recently hinted that it would end the wasteful petrol subsidy regime before the end of President Muhammadu Buhari’s tenure on May 29, 2023.

Speaking at the session, the National President of IPMAN, Chinedu Okoronkwo, who was represented by IPMAN’s National Operations Controller, Mike Osatuyi, revealed that the marketers were in full support of the government’s plan to embark on full deregulation of the downstream sector.

Okoronkwo warned Nigerians to prepare to pay up to N750 for every litre of petrol after the full implementation of the subsidy removal.

He, however, pointed out that the projected pump price was likely to drop to around N500 if the government encouraged the Central Bank of Nigeria (CBN) to provide foreign exchange for marketers at the official rate.

Okoronkwo also urged the government to channel expected savings from subsidy removal to the provision of palliatives for the masses. He advised the government to be alert and sensitive to resentment from Nigerians.