Marketers reject FG’s plan to cap petrol price
Petroleum marketers have rejected the Federal Government’s plan to cap petrol prices at N1,350, insisting market forces should determine prices. Read More:…
Nigeria fully deregulated petrol pricing in 2023 when the government removed the long-standing fuel subsidy, allowing prices to be set by market forces rather than fixed by the state. Since then, pump prices have fluctuated widely, influenced by crude costs, forex rates, and the entry of local refining capacity, sparking recurring friction between the government, marketers and consumers over affordability.
Any move by the Federal Government to reintroduce a price ceiling marks a potential reversal of that deregulation policy, and marketers argue it threatens the competitive market structure now in place. The coverage agrees that industry marketers, represented in these reports by groups like MEMAN, oppose a N1,350 cap, citing concerns over disrupted competition and emphasising that logistics costs and growth in domestic refining — rather than price controls — are what will determine stable, sustainable supply. Details on how the government plans to enforce or justify the proposed cap, and its timeline, have not yet been reported.