The petroleum product marketers are gearing for a showdown with the federal government following the decision to reduce the pump price of petrol by N5 per litre, saying the realities of the moment does not support the reduction.

In an interview with newsmen in Abuja, the National Operations Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mike Osatuyi, said that given the recent increase in global oil prices and the devaluation of the naira, petrol price of N162 per litre means returning to the era of subsidy.

“The government said it had deregulated, so, it is not possible to sell petrol at N162 on December 14. If you ask anybody now in the industry, they will tell you the price at which they can sell is about N170 to N180. The Minister of labour does not have the power to determine the price of petrol. Even the President can only do that if we go back to subsidy,” the IPMAN controller said.

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Source: OrientEnergyReview