June 21, 2024

MOMAN, DAPPMAN urge petrol marketers to adopt right pricing, back Tinubu on petrol subsidy removal

Oredola Adeola


The Major Oil Marketers Association of Nigeria (MOMAN) and Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have called on petrol marketers in the country to maintain reasonable pricing in the sales of Premium Motor Spirit (PMS) also known as petrol to avoid selling the product at a price beyond the reach of the customers.


MOMAN and DAPPMAN made this known in a statement obtained by EnergyDay on Tuesday, on the sideline of Tinubu’s recent pronouncement.


The two associations in the statement commended President Tinubu for the plan to phase-out of the petrol subsidy regime.


They acknowledged that the clarity of policy from Tinubu’s administration was the direction that signals a courageous and pragmatic shift in our nation’s economic trajectory.


They said, “In light of the assurances given by the Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), we wish to reiterate that there is no cause for alarm.



“We strongly urge Nigerians to avoid panic buying or stockpiling of petrol.


“This behaviour will not only create artificial scarcity but also poses a significant safety hazard.


“The NNPCL has assured Nigerians of adequate fuel supply and the NMDPRA is working closely with stakeholders to ensure a seamless transition.



“They are ensuring distribution channels remain uninterrupted, thereby making fuel readily available at all filling stations across the country.


“The decision to phase out this fuel subsidy regime is not merely a fiscal reform; it is a significant stride toward social justice.


“We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare. These investments symbolize our shared future, promising considerable, and long-term benefits for all Nigerians.


” We anticipate minimal changes regarding distribution costs, considering the cost of the product constitutes 80% of the pump price.


“We pledge, in collaboration with the Nigerian Association of Road Transport Owners (NARTO) and other crucial stakeholders, to manage these distribution costs diligently to minimize their impact on the pump price.


“Considering this clarity of policy, we ask our suppliers to continue supplying products to all legitimate marketers.


“We also urge all stations to remain open and avoid hoarding products.


“We eagerly await the day when the Dangote Petroleum Refinery, as well as other licensed importers, join the current supplier in a bid to diversify the source of petroleum products and enhance market competition,” the two petroleum products’ marketers said.


MOMAN and DAPPMAN further emphasised that they will maintain an open dialogue with the Federal Government, advocating for stability in the oil sector during this transitional period.


They also promised to support any measures from the Government that would help cushion the impact on the populace.


MOMAN and DAPPMAN therefore, expressed their readiness to collaborate with Tinubu’s administration in its effort to promote greater economic equality and prosperity for all Nigerians.