IPMAN, PETROAN Reject Atiku's Fuel Subsidy Return, Urge Refinery Revival

IPMAN and PETROAN have rejected proposals to bring back fuel subsidy in Nigeria, urging the government to prioritize reviving the country’s refineries instead. In separate interviews with DAILY POST on Monday, August 24, IPMAN spokesperson Chinedu Ukadike and PETROAN National President Billy Gillis-Harry argued that restoring subsidy would not solve price volatility; instead, fixing the Port Harcourt, Warri and Kaduna refineries would boost competition, cut reliance on dollar exchange and lower petrol prices sustainably.

Ukadike said the subsidy debate misses the real issue—failed petroleum infrastructure—and that reviving the 21 depots and pipelines would create a more competitive market, reducing pressure on pump prices. Gillis-Harry warned that calls for subsidy return show a lack of love for Nigeria, noting past administrations borrowed nearly N2 trillion to fund subsidy rather than invest in development. He questioned how any plan to cut petrol to N500 per litre would be financed, suggesting it would require fresh borrowing, and challenged proponents to provide clear economic calculations on crude oil production costs.

The associations’ stance underscores the ongoing tension over fuel pricing policy, which directly affects household budgets, transport costs and inflation. With subsidy removal already in place since May 29, 2023, Nigerians face fluctuating pump prices amid a weakening naira.

Would you support a return to fuel subsidy if it meant higher taxes or new borrowing, or do you believe reviving domestic refineries offers a better long‑term solution for stable prices and reduced forex pressure?

SOURCE: https://dailypost.ng/2026/08/26/ipman-petroan-reject-atikus-fuel-subsidy-return-plan/