Ondo IPMAN urges FG to curb monopoly, revive refineries

By Boye Oyeyemi

The Independent Petroleum Marketers Association of Nigeria, Ondo State chapter, has urged President Bola Tinubu to check what it described as the growing dominance of a single player in the downstream petroleum sector amid the rising cost of petrol.

The association’s Vice Chairman, Idowu Pius Adebusuyi, said the Federal Government should expand access to fuel import licences for credible marketers whenever local refining output was insufficient to meet national demand.

Adebusuyi said allowing multiple sources of petroleum products would strengthen competition, improve supply and help prevent consumers from bearing the burden of arbitrary price increases.

He said private refineries had made significant contributions to Nigeria’s economy but warned that the government must ensure the country’s petroleum market was not excessively dependent on one operator.

“Nigeria must encourage investment, but we must also protect competition. No individual or company should have absolute control over a product that is so critical to the daily lives of Nigerians and the entire economy,” he said.

The former lawmaker also noted that increases in petrol prices had ripple effects on transportation, food, businesses and household expenses, stressing that Nigeria’s status as a major crude oil producer should translate into better access to affordable refined products.

Adebusuyi further called for the effective revival of the Port Harcourt, Warri and Kaduna refineries, saying their sustained operation would increase domestic refining capacity, reduce dependence on imported fuel and ease pressure on foreign exchange.

He urged the Federal Government to pursue a balanced petroleum policy that encourages private investment while maintaining healthy competition, adding that Nigeria needs several functional refineries and a properly regulated market rather than dependence on either imported products or a single refinery.