Petroleum marketers have rejected a proposed N1,350-per-litre price cap on petrol, insisting that market forces, competition and improved distribution efficiency should determine prices in Nigeria’s deregulated downstream sector.

The Major Energies Marketers Association of Nigeria (MEMAN) said arbitrary price controls would not address the underlying challenges in the petroleum market.

According to a summary of the association’s third-quarter press engagement, held virtually on Thursday in partnership with S&P Global Energy, MEMAN advocated transparent pricing mechanisms and measures to tackle supply bottlenecks and reduce operating costs.

The association maintained that government-imposed price caps were not the solution to the challenges facing the petroleum market.