The Independent Petroleum Marketers Association of Nigeria (IPMAN) has insisted that it is opposed to the removal of subsidy on petrol without the country refining the product locally.
IPMAN explained that with the government importing all Premium Motor Spirit aka petrol consumed in the country, removing the over N3.5 trillion subsidy would expose Nigerians to arbitrary pricing.
The IPMAN Public Relations Officer, Chief Chinedu Ukadike, argued that there has to be local refining before the subsidy could be removed.
Ukadike said refining in-country should be the government’s priority, stressing that any decision on petrol subsidy removal should be left for the incoming administration.
He said: “IPMAN is in support that the outgoing administration of President Muhammadu Buhari should not go into the removal of the subsidy as factors that would necessitate the removal of subsidy have not been put in place by the government.
“IPMAN also supports the position of PENGASSAN that our refineries should work and that our pipelines should be repaired in order to move petroleum products out of the coastal areas to the dry land closer to marketers that allow them load petroleum products as quickly as possible without having to move long distance.
“These are the factors that aid the movement to subsidy regime removal and if these factors are not in place, we will be able to curb petrol importation and guard against exorbitant pricing.”
According to him, any attempt to remove the subsidy by President Buhari would create hardship for the people and challenges for the incoming administration.