IPMAN Reveals Plans To Force Down Fuel Price

The Impartial Petroleum Entrepreneurs Affiliation of Nigeria (IPMAN) says it has the numerical power to drive down the value of Premium Motor Spirit popularly often known as petrol. This comes after the latest improve in gas costs following the elimination of subsidies by the Federal Authorities.

This was made identified by the Nationwide President of IPMAN, Chinedu Okoronkwo throughout a information convention in Abuja.

Okoronkwo disclosed that members of his affiliation help the subsidy elimination introduced by President Bola Tinubu. He additional expressed optimism that the unbundling of the downstream sector has opened doorways for extra traders to return in. He additionally mentioned, “Our affiliation has the numerical power to drive down the value of gas as soon as they begin unbiased importation of the product.’’

IPMAN considers CNG as various

The IPMAN president mentioned, “We’ve got additionally found that bringing another that’s cheaper than even firewood which is Compressed Pure Gasoline, CNG won’t solely create aid for the federal government and its residents however is environmentally pleasant.

Based on him, CNG is extra abundantly obtainable in Nigeria than anyplace in Africa. He mentioned, “Within the Niger Delta area you see billions of tonnes of fuel flare being wasted every day, these are enormous quantities that needs to be accruing to our GDP however we’re losing it as a result of there isn’t any marketplace for it.

Okoronkwo who requested the federal government to create the market mentioned, “How do you create the market? What Egypt and India did was to offer tender loans to be paid again inside stipulated durations from there you may get automobiles to make use of fuel as an alternative of gas.’’

Recall that President Bola Tinubu’s declaration “subsidy is gone” led to a spike within the pump value of petrol because the Nigeria Nationwide Petroleum Firm (NNPC) Restricted, who has been the only importer of the product, introduced a rise within the product to over N500 per litre as in opposition to the sooner N184 per litre.

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