Members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have decried bearing the brunt of market volatility in the downstream petroleum sector, even as they berated the frequent products’ pump price fluctuations in the country.

IPMAN leadership disclosed this during a courtesy visit and meeting with the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Rabiu Umar, in Abuja, as part of the regulator’s ongoing engagement with key stakeholders in the downstream petroleum industry.

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Speaking on behalf of the association, IPMAN President, Alhaji Abubakar Shettima, said constant changes in product prices have created significant challenges for independent marketers, many of whom, he said, struggle to absorb losses arising from sudden market adjustments.

Shettima noted that retailers often find themselves caught between fluctuating depot prices and consumer expectations, making it difficult to sustain profitability and business stability.

“Retailers often bear the burden of market volatility,” as he further highlighted the impact of frequent product price changes on independent marketers across the country.

The IPMAN president also raised concerns over outstanding subsidy-era claims, administrative charges imposed on operators, and difficulties faced by marketers in securing direct access to products from domestic refineries.

Shettima also pledged his members’ support for the Federal Government’s gas expansion agenda, including the promotion of Compressed Natural Gas (CNG), adoption among its members.

Responding, NMDPRA Chief Executive, Mallam Umar, while acknowledging IPMAN’s strategic role in ensuring nationwide availability of petroleum products, particularly at the retail level, said the Authority was engaging industry players to promote stability and business harmony across the sector.

“Recent developments in the global energy market have continued to impact domestic petroleum product pricing, and the Authority is working with industry stakeholders to promote stability and business harmony across the sector,” he said.

The meeting comes amid ongoing adjustments in Nigeria’s deregulated downstream petroleum market, where independent marketers have repeatedly called for measures to cushion the effects of price volatility and improve access to petroleum products from local refining sources.