Israel-Iran War Responsible For Increase In Oil Prices, Says IPMAN National President Chief Kolawole Adewoyin
The Supreme Court affirmed National President of Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Kolawole Adewoyin has said that the conflict between Israel and Iran was a major factor behind the recent surge in global oil prices.
Chief Kolawole Adewoyin stated this while speaking in an interview with Arise TV.
He explained that despite recent efforts by the Nigerian government to promote local refining and introduction of Compressed Natural Gas (CNG) as an alternative fuel, international events continue to drive up the cost of petroleum products.
“The war between Israel and Iran has caused a significant increase in crude oil prices globally,” Chief Kolawole Adewoyin said.
“This, in turn, impacts the landing cost of petroleum products in Nigeria, even as we strive to reduce our dependence on imported fuel.”
He noted that while the federal government’s CNG initiative is a step in the right direction, its impact is not immediate.
“The CNG initiative is not new, and Independent Petroleum Marketers have been advocating for it for a long time.However, the infrastructure and affordability challenges remain,” he said.
Chief Kolawole Adewoyin praised the recent commencement of operations at the Dangote Refinery, describing it as a “welcome development” that has improved product availability and has drastically reduced the delays previously experienced with the Nigerian National Petroleum Company (NNPC). “Now, we are able to plan better and access products more efficiently,” he said.
However, he emphasized that local refining alone cannot insulate Nigeria from global oil price shocks.
“Even though we have crude oil in Nigeria, the international market still determines the price. The war has caused prices to rise, and this affects everyone, especially the masses,” Chief Dr Kolawole Adewoyin said.
He called on the Federal Government to provide more support for Independent Petroleum Marketers, particularly in the rollout of CNG infrastructure. “If the government can assist with Equipment and well tailored palliatives, it will help us to serve the grassroots better and make cleaner energy more accessible,” he added.
Chief Kolawole Adewoyin concluded by expressing gratitude to the government for its efforts so far and urged continued collaboration between stakeholders to stabilize the market and ease the burden on Nigerian consumers.