The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerians to avoid panic buying, assuring that there is an adequate fuel supply nationwide.
Speaking in Abuja, IPMAN’s Publicity Secretary, Mr. Ukadike Chinedu, praised the Dangote Petroleum Refinery for its recent price reduction of Premium Motor Spirit (PMS), commonly referred to as petrol, to N899.50 per litre. He noted that the price cut would help alleviate transportation costs for Nigerians, particularly during the festive Yuletide season.
“This is the beauty of deregulation. Prices are now determined by market forces,” Chinedu said. “With the Dangote and Federal Government refineries operational, we are likely to see increased competition and even more favorable pricing for consumers.”
Chinedu revealed that IPMAN members have begun adjusting their pump prices to reflect the new rate, emphasizing the need for competitive pricing to attract customers.
“We’ve started ordering at the new price, and many of our members are already adjusting their pumps lower to boost sales. If your price is higher, customers will simply buy elsewhere,” he explained.
He further highlighted the reduction in queues at Nigerian National Petroleum Company (NNPC) filling stations, attributing this to uniform pricing among marketers.
The News Agency of Nigeria (NAN) recalls that the Dangote Refinery initially lowered its petrol price to N970 per litre in November, a move widely regarded as a step toward stabilizing the market and easing the burden on consumers.
The latest adjustment underscores ongoing efforts to foster competition and efficiency in Nigeria’s deregulated petroleum sector, signaling positive prospects for both marketers and consumers as the holiday season approaches.
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