Fuel marketers have threatened to shut down filling stations nationwide if the Federal Government attempts to impose price controls on petrol, insisting that such a move would contradict the country’s deregulated downstream petroleum sector.

The warning follows remarks by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who urged regulators to prevent profiteering and protect consumers from unfair pricing, despite the removal of government-fixed fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said marketers are already facing financial losses due to frequent price reductions by suppliers, particularly the Dangote refinery. He argued that operators cannot be forced to sell fuel below their purchase cost, especially when many rely on bank loans to finance product purchases.

Ukadike maintained that petrol prices should be determined by market forces, adding that increased competition through higher fuel imports and improved output from local refineries would naturally reduce prices. He warned that any attempt to enforce price controls would force marketers to halt fuel sales nationwide.

Also commenting, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said the government has the authority to intervene in the interest of consumers but should first consult industry stakeholders before taking any action.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority said it had not been briefed on any planned enforcement measures.

Petrol currently sells for between N1,140 and N1,210 per litre, depending on location, despite the recent decline in global crude oil prices.