The National President of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), Alhaji Abubakar Shettima, has praised President Bola Tinubu’s initiatives aimed at ensuring energy security in Nigeria.
Shettima made the commendation at the Annual General Meeting (AGM) and the election of new executives for IPMAN’s Western Zone in Ibadan on Tuesday.
According to Shettima, President Tinubu made a decisive move upon taking office by deregulating the oil sector, thereby encouraging investment into the country’s energy market.
He highlighted the significant improvement in fuel availability during the recent Christmas and New Year holidays, noting that there were no long queues at filling stations, a stark contrast to previous years. “Fuel is available everywhere, and the price is coming down compared to the tradition we knew before, despite the fact that there was a subsidy. Mr. President is on the right track in ensuring energy security in the country,” Shettima said.
The IPMAN president also called on the Federal Government to privatise Nigeria’s public refineries in order to ensure their optimal performance.
Nigeria, he pointed out, is the sixth largest producer of crude oil in the world, yet its four public refineries—two in Port Harcourt, one in Warri, Delta State, and another in Kaduna State—are not operating at full capacity. However, Shettima noted that recent reports indicated that the Port Harcourt and Warri refineries have begun functioning again, further emphasising the need for privatisation.
“The best time to privatise or sell off the refineries is now,” he said. “But to competent people. It’s better to privatise these refineries to people who are concerned, like independent petroleum marketers. If the government can take a bold step in selling these refineries to independent petroleum marketers, it will add more value to Nigeria,” he added.
Shettima also expressed optimism about a continued decline in petrol prices, attributing this to the current administration’s efforts.
“We are expecting a decrease in the rate of PMS with the coming of the refinery. Now that the Port Harcourt refinery has started working, there will definitely be a price decrease,” he said.
He further stated that once all refineries are functioning, the pressure on Nigeria’s economy would reduce, potentially leading to a drop in the exchange rate of the dollar.
“When the price of dollars is down, the price of petroleum products will come down,” he explained.
In his speech, the immediate past chairman of IPMAN’s Western Zone, Alhaji Dele Tajudeen, reflected on his administration’s achievements, attributing much of the success to the peace and stability that had been restored within the association.
“Before my administration, IPMAN was divided due to a serious crisis, but with the support of every member, peace and cordial relationships were restored,” Tajudeen said.
The election of new executives for the zone saw Chief Oyewole Akanni elected as the new zonal chairman. In his acceptance speech, Akanni praised his predecessor’s leadership, stating that Tajudeen’s vision was instrumental in shaping the zone. “As a functional and participatory Vice Chairman under your leadership, I am pleased to affirm that this new administration will continue to build upon the excellent foundation and initiatives that you so ably started,” Akanni said.
He pledged to work collaboratively with all stakeholders and promised to focus on getting the five depots in the western zone fully operational.
The zone also inaugurated its zonal secretariat in Ibadan on Monday, marking a new chapter in its efforts to enhance operational efficiency and service delivery across the region.