Kehinde Fajobi
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reassured Nigerians that there is sufficient fuel supply nationwide and advised against panic buying.
IPMAN’s Publicity Secretary, Mr Ukadike Chinedu, made this statement on Sunday in Abuja, highlighting the recent reduction in petrol prices by the Dangote Petroleum Refinery.
Chinedu applauded Dangote Refinery for lowering the price of Premium Motor Spirit (PMS), also known as petrol, to ₦899.50 per litre, noting that this development would help ease transportation costs for Nigerians during the festive season.
“You see, that is the beauty of deregulation. Prices are determined by market forces,” Chinedu said.
He expressed optimism that the competition introduced by the Dangote and Federal Government refineries would lead to more competitive pricing in the downstream sector.
Chinedu urged IPMAN members to adjust their pump prices to reflect the new rate, ensuring they remain competitive and attract more customers.
“We have started ordering on the new price, and even some of our members have already started adjusting their pumps lower to be able to have faster sales.
“If your price is higher, nobody will buy from you. You will even find out now that those queues that you normally see in NNPC filling stations have all reduced because most marketers are almost selling the same thing with them,” he explained.
Recall that the Dangote Refinery had previously reduced its petrol price to ₦970 per litre in November.