The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised fresh concerns over what it describes as a growing monopoly in the oil and gas sector, pointing fingers directly at the Nigerian National Petroleum Company Limited (NNPCL).
Speaking in an exclusive interview with Daily Post, IPMAN’s National Public Relations Officer, Chinedu Ukadike, alleged that NNPCL’s failure to ensure the functionality of state-owned refineries was creating a lopsided playing field that favors the Dangote Refinery.
“Let’s be clear: it is not Dangote Refinery that is encouraging monopoly; it is NNPCL,” Ukadike declared. “If the Port Harcourt, Warri, and Kaduna refineries were operational, they would serve as a strong counterbalance, introducing healthy competition and ultimately driving down prices of petroleum products.”
Ukadike emphasized the urgency of the situation, calling on President Bola Tinubu to immediately declare a state of emergency on Nigeria’s moribund refineries.
His comments come in the wake of the recent announcement by NNPCL that the Port Harcourt Refining Company (PHRC) has been shut down for maintenance—without providing a clear timeline for resumption of operations.
This has reignited public debate over the status and viability of the Port Harcourt and Warri refineries, both of which were reportedly rehabilitated between November and December 2024 at a staggering cost of over $1.5 billion.
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Many stakeholders had hoped that the rehabilitation would mark a turning point for domestic refining, but the latest development appears to have dashed those expectations.
For IPMAN, the consequences are clear: without functioning state-owned refineries, the downstream sector remains vulnerable to monopolistic pricing and a lack of supply options.
“As long as NNPCL refineries remain dormant, there can be no true competition in the market,” Ukadike warned.
The association’s call adds to growing pressure on the federal government to provide transparency, accountability, and urgent intervention in the nation’s refining sector—amid fears that years of investment may have once again gone to waste.