Filling Station Owners Push for Nationwide Fuel Price Reduction to ₦200

[toluwalopesong]

Filling Station Owners Push for Nationwide Fuel Price Reduction to ₦200

Filling station owners across Nigeria are advocating for a uniform reduction in fuel prices to ₦200 per liter, citing the need to alleviate the economic burden on citizens and stabilize the downstream oil sector. This proposal comes amid fluctuating global oil prices and the challenges faced by the Nigerian economy.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has been at the forefront of this campaign. According to the association, the move is necessary to ensure affordability for the masses and maintain economic stability. IPMAN President, Chinedu Okoronkwo, stated, "A consistent and reduced fuel price will not only ease the financial strain on Nigerians but also encourage economic growth by reducing operational costs for businesses."

Stakeholders argue that achieving this target price would require strategic interventions from the federal government. These include the removal of bottlenecks in the fuel supply chain, the provision of subsidies, and incentives for marketers to ensure the sustainability of the reduced price.

However, some experts have expressed concerns about the feasibility of such a reduction, considering the current exchange rates and the rising costs of importing refined petroleum products. They emphasize the importance of revamping local refineries to reduce dependency on imports and mitigate the impact of global price volatility.

The federal government has reiterated its commitment to reforms in the oil and gas sector, including investments in Compressed Natural Gas (CNG) as an alternative fuel. These efforts aim to create a more sustainable energy framework while addressing the immediate needs of Nigerians.

As discussions on the proposed price reduction continue, stakeholders hope for a collaborative approach that balances affordability, sustainability, and economic growth.