The Major Energies Marketers Association of Nigeria (MEMAN) has publicly rejected the Federal Government’s proposed N1,350-per-little price ceiling on petrol, insisting that strict market competition and distribution efficiency—rather than state-imposed caps—must govern pricing in the nation's deregulated downstream sector.
Addressing stakeholders during a third-quarter virtual press engagement organized in partnership with S&P Global Energy, MEMAN warned that arbitrary price controls would aggravate existing market distortions without fixing underlying infrastructure bottlenecks.
The association’s pushback follows recent statements by Finance Minister Taiwo Oyedele, who unveiled a proposed N1,350 ex-gantry or landing cost modulation model under which refiners and importers would absorb initial cost surges above the ceiling and recover shortfalls when global oil market conditions improve.
MEMAN maintained that instead of reintroducing disguised subsidy frameworks or monthly price controls, the Federal Government should prioritize transparent pricing mechanisms, enhance inventory visibility, and ensure non-discriminatory access to domestic refined products.
Pointing to global market volatility highlighted by S&P assessments like the Free on Board West Africa benchmark, the association urged authorities to enable a commercially viable supply chain that promotes fair competition among importers and domestic refiners.
"Rather than distorting market prices, the focus should be on transparent, market-driven pricing, efficient distribution and measures that address supply bottlenecks and reduce operating costs." — Major Energies Marketers Association of Nigeria (MEMAN)
#MEMAN #PetrolPrice #FuelSubsidy #NigeriaEconomy #TaiwoOyedele #DownstreamSector #NaijaBusiness #QubesBusiness
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