MARKETERS REJECT FUEL PRICING CURBS, THREATEN SHUTDOWN

Petroleum marketers have rejected proposed measures aimed at regulating fuel prices, warning that any attempt to impose pricing controls could disrupt operations and force many businesses to suspend activities.

The marketers argued that fuel prices should be determined by market forces, citing rising operational costs, foreign exchange fluctuations, transportation expenses, and supply chain challenges.

According to industry stakeholders, introducing price controls could make it difficult for marketers to recover costs, potentially leading to product shortages and reduced investment in the downstream petroleum sector.

They maintained that a fully deregulated market is essential for attracting investment, ensuring product availability, and promoting healthy competition among operators.

The marketers also warned that if the proposed pricing measures are implemented without adequate consultation, they may be compelled to shut down operations in protest, a move that could affect fuel distribution nationwide.

Energy experts have called for continued dialogue between the government and industry players to balance consumer protection with the financial sustainability of petroleum businesses.

Analysts noted that stable and transparent pricing policies are critical to maintaining investor confidence and ensuring uninterrupted fuel supply across the country.

Consumer groups, meanwhile, have urged all parties to prioritise the interests of Nigerians by seeking solutions that guarantee both affordability and consistent product availability.

The situation is expected to remain under close watch as discussions continue between the government, regulators, and petroleum marketers.

Stakeholders have expressed hope that constructive engagement will lead to a resolution that safeguards both the economy and the nation’s energy security.