Independent petroleum marketers have warned that they could shut down filling stations across Nigeria if the Federal Government attempts to impose petrol price controls, insisting that such a move would undermine the country’s deregulated downstream petroleum sector.
The warning, according to the Arise news, comes after the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, directed regulators to ensure consumers are protected from excessive pricing. His comments followed growing public concern over petrol prices, which have remained high despite a decline in global crude oil prices.
The minister spoke in Abuja at the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Speaking on Tuesday, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, rejected claims that marketers were profiteering and argued that many operators were already grappling with financial losses caused by frequent price reductions in the market.
He warned that any attempt to dictate pump prices in a deregulated market would be resisted.
“If they try to enforce price control, we will shut down,” Ukadike said.
He added, “Marketers will shut down if they try somehow to enforce price control. We are going to shut down our stations nationwide. You can’t be regulating a deregulated market. You can’t tell me how much to sell my product without trying to know how much I bought it.”
Ukadike said independent marketers have continued to struggle with fluctuating prices, explaining that many purchase products at one price only for market prices to fall before the fuel reaches their stations, resulting in losses.
“We, the independent marketers, are losing money. We bought petrol at a particular rate a few days ago; on our way to our filling stations, there was a reduction. We have been struggling with the price. We have been struggling against financial losses. We are also struggling against stagnation due to low patronage of our products,” he said.
According to him, competition—not price regulation—is the solution to lowering petrol prices. He urged the government to encourage more imports where necessary and accelerate the operation of local refineries to increase supply.
“By the time more products come in, you will see that the prices will go down. What we, independent marketers, are asking for is not about regulation or trying to bring price control or trying to force marketers to sell below or trying to force Dangote to sell below its production cost. What we are asking is to open up the various channels, boost importation, and let local refineries start refining. This will push the competition to the peak. With this, prices will drastically go down,” he stated.
Ukadike also maintained that government efforts should focus on addressing the underlying causes of high fuel prices rather than monitoring retail pump prices.
“The primary cause of this is that there is no competition. If there should be competition, the refineries will be working. That is where the minister should put his energy to ensure that our local refineries or whatever partnership we have with the Chinese will work. It is not about going to filling stations to check who is selling at higher prices. Do you know how much I bought the fuel for? Can you have a regulated market in a deregulated economy? You can’t be blowing hot and cold at the same time. The PIA must be followed to the letter. If they try to enforce price control, we will shut down,” he said.
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Earlier, Lokpobiri had stressed that while petrol pricing should be determined by market forces, deregulation does not prevent regulators from protecting consumers against exploitative practices.
“As part of the requirements of deregulation, prices have to be determined by market forces. The NMDPRA has a unique responsibility, compounded by the PIA, to ensure not only that products are available but also that unnecessary profiteering is stopped,” the minister said.
The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, also supported regulatory intervention to protect consumers but said any action should be taken after consultations with industry stakeholders.
“The minister of petroleum has the power to intervene in ensuring that Nigerians are treated fairly. The NMDPRA has the power, and so does the FCCPC. However, these decisions to discipline or not to discipline should follow stakeholder practice,” he said.
Meanwhile, NMDPRA spokesperson George Ene-Ita said he had not been briefed on any proposed regulatory action regarding the matter.