Former Vice President Atiku Abubakar has welcomed the call by the Independent Petroleum Marketers Association of Nigeria (IPMAN) for government to intervene in domestic refineries to reduce oil prices.
Reacting on Thursday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said IPMAN’s position aligns with the core principle of his proposal of making energy affordable by supporting domestic refining.
The statement points out that IPMAN’s intervention is significant because it comes from operators who buy, distribute and sell petroleum products daily and, therefore, have direct experience of the impact of fuel prices on companies and households.
“IPMAN has come to the right conclusion. The association now says that government cannot simply stand by while oil prices hit Nigerians and that deliberate support for domestic refining can help bring down prices,” the statement said.
Atiku explained the difference between previous import-based subsidy regimes and a production-linked intervention aimed at strengthening local refining capacity.
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“My principle is simple: support must follow the barrel. Strengthen Nigerian refining and ensure that profit follows that barrel all the way to the Nigerian consumer,” he said.
“Nigeria produces crude oil. It is important to maximize domestic processing so that Nigerians can benefit from affordable fuel as part of broader economic reforms.”
Atiku said the proposal would also align with the objectives of the Petroleum Industry Act, including promoting petroleum processing within Nigeria and ensuring access to affordable petroleum products.
“The law itself recognizes that local refining and affordability are important. Therefore, a policy that expands domestic refining capacity while reducing the burden on consumers advances the direction of the PIA,” he said.
He added that the true test of oil policy is its impact on household incomes.
Citing the DailyFuels Fuel Affordability Index, he said the index estimates that the average Nigerian requires about 44 minutes of work to purchase a liter of petrol, while a 40-litre tank represents about 29.5 hours of work based on its methodology.
“A teacher doesn’t experience fuel policy through a government spreadsheet. A trader experiences it when transportation costs rise and customers have less to spend. By the time products reach the market, higher energy costs have been added to the price at every stage,” he said.
According to Atiku, making fuel affordable is a cost of living issue because energy costs affect transportation, food, production and distribution.
The former vice president said IPMAN’s position should be followed by practical collaboration in policy implementation.
“Therefore, I invite IPMAN to contribute its experience, market knowledge and advisory capacity to the monitoring and implementation of this policy from 2027,” he said.
“People who buy, distribute and sell petroleum products every day know where distortions occur and where good policies can be affected between the refinery gate and the filling station. That knowledge should be put to the service of Nigerians.”
Atiku said his commitment was that any intervention would strengthen domestic refining, expand local capacity, avoid arbitrage, operate transparently and provide relief at the pump.
He said IPMAN’s position highlights the growing consensus around domestic refining and consumer relief as key elements of oil sector policy.
“Therefore, I welcome IPMAN. Let us prepare together for 2027 (marketers, refiners, regulators, consumers and independent monitors) and build a system where support follows the Nigerian barrel and relief follows that support to the filling station,” he said.
“That is the contract we offer Nigerians: local capacity first, transparency first, purchasing power first and affordable energy first.”
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