The Independent Petroleum Marketers Association of Nigeria ( IPMAN) says it has the population to force down the price of fuel when members of the association join forces to import fuel into the country.
National President of the Association,Mr Chinedu Okoronkwo who made this known on Wednesday in a press briefing said that his members are totally in support of the subsidy removal and expressed optimism that the price will come down when they start independent Importation of fuel.
Okoronkwo said prior to the subsidy removal regime, the market was exclusively in the hands of the NNPC but that the removal of the subsidy has opened the market which allows everyone to participate. He expressed optimistism that the competition will make price of fuel to come down citing the AGO.which he said sold for about N900 in the past but selling for about N600 per litre now.
According to him, given the number of members of IPMAN which controls about 80% of the downstream sector, along with other players,” the price naturally will go down.”
