IPMAN assures on capacity to force price of petrol down

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured that it has the numerical strength to force down the price of Premium Motor Spirit (PMS) also known as petrol, after the pump price of the product skyrocketed following the removal of subsidy by the federal government. This was made known by the national president […]

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured that it has the numerical strength to force down the price of Premium Motor Spirit (PMS) also known as petrol, after the pump price of the product skyrocketed following the removal of subsidy by the federal government.

This was made known by the national president of the association, Chinedu Okoronkwo, while addressing journalists at a news conference in Abuja on Wednesday.

Okoronkwo had disclosed that members of his association are totally in support of fuel subsidy removal by President Bola Tinubu and expressed optimism that the unbundling of the downstream sector has opened the doors for more investors to come in.

The IPMAN president expressed optimism saying: “Our association has the numerical strength to force down the price of fuel once they start independent importation of the product.’’

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IPMAN to use CNG as alternative

Speaking further, the IPMAN president said the association has decided to use Compressed Natural Gas (CNG) as an alternative energy source to cushion the effect of subsidy removal, adding that its adoption will serve as an alternative fuel that would bring a better and long-lasting solution to the constant fluctuation in the price of petrol in the global market.

Okoronkwo said:  “We have also discovered that bringing an alternative that is cheaper than even firewood which is CNG will not only create relief for the government and its citizens but is environmentally friendly.

“The CNG is abundantly available in Nigeria than anywhere in Africa.

“In the Niger Delta region you see billions of ton of gas flare being wasted daily. These are huge amounts that should be accruing to our GDP but we are wasting it because there is no market for it.

“So we are asking the government to create the market. How do you create the market?

 “What Egypt and India did was to give soft loans to be paid back within stipulated periods; from there you can get vehicles to use gas instead of fuel.’’