IPMAN: No petrol subsidy removal without domestic refining
2 min read
By Energy Editor
The Independent Petroleum Marketers Association of Nigeria, IPMAN, has advised the Federal Government not to contemplate removal of subsidy on petrol without the country refining the product locally.
IPMAN reiterated its opposition to the removal of subsidy on petrol, while speaking through the Public Relations Officer, Chief Chinedu Ukadike, in Abuja.
Chief Ukadike explained that with the government importing all premium motor spirit, petrol, consumed in the country, removing the over N3.5 trillion subsidy would expose Nigerians to arbitrary pricing.
He insisted there has to local refining before the subsidy could be removed.
Chief Ukadike said refining in-country should be the government priority, stressing that any decision on petrol subsidy removal should be left for the incoming administration.
According to him, “IPMAN is in support that the outgoing administration of President Muhammadu Buhari should not go into the removal of the subsidy as factors that would necessitate the removal of subsidy have not been put in place by the government.
“IPMAN also supports the position of PENGASSAN that our refineries should work and that our pipelines should be repaired in order to move petroleum products out of the coastal areas to the dry land closer to marketers that allow them load petroleum products as quickly as possible without having to move long distance.
“These are the factors that aid the movement to subsidy regime removal and if these factors are not in place, we will be able to curb petrol importation and guard against exorbitant pricing”.
Chief Ukadike noted that any attempt to remove the subsidy by President Buhari would create hardship for the people and challenges for the incoming administration.
