The Independent Petroleum Marketers Association of Nigeria, IPMAN has called on the Federal Government to follow due process in making price changes by carrying stakeholders along.
This is following the Federal Government’s price modulation that has seen retail pump price of petrol reduce from 145 per litre to 125 naira.
The Federal Government had last week approved a reduction in the price of petrol and subsequently directed the Nigerian National Petroleum Corporation, NNPC to reduce the Ex-Coastal and Ex-Depot prices of fuel to reflect current market realities.
The Minister of State for Petroleum Resources Timipre Sylva, in a statement, said the Petroleum Products Pricing Regulatory Agency, PPPRA would be doing a monthly guide to NNPC and marketers on pricing, in line with prevailing oil market price.
But IPMAN South-West, Zonal Chairman, Dele Tajudeen said the lack of discussion with marketers ahead of the decrease would lead to loss of capital used by marketers in buying the products.
He also lamented that the failure of Government to follow due process before announcing petrol price changes will lead to loss of profit margins.