The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned against panic buying adding that there is sufficient stock of Premium Motor Spirit (PMS).
IPMAN reassured Nigerians in a statement by its Publicity Secretary, Mr. Ukadike Chinedu.
IPMAN dismissed any cause for alarm regarding fuel availability.
The association said it is committed to ensuring a steady and efficient fuel supply to consumers at fair prices throughout the Chrismas season.
“This price adjustment demonstrates the benefits of deregulation in the petroleum sector, where market forces play a key role in determining prices.
“With both Dangote and the Federal Government’s refineries poised to operate fully, we can anticipate more competitive pricing that will benefit consumers in the long term,” Chinedu stated.
IPMAN also commended the Dangote Petroleum Refinery for reducing PMS price to N899.50 per litre.
According to the association, the price reduction would provide significant relief for Nigerians by reducing transportation costs.
IPMAN enjoined members to align their pump prices with the new rates to remain competitive and attract customers.
IPMAN said, “We have already started placing orders at the adjusted price, and many of our members have begun lowering their pump prices to align with the market trends.
“This not only helps them achieve faster sales but also ensures that consumers get the benefit of reduced costs.”