- Independent Petroleum Marketers Association of Nigeria (IPMAN) assured adequate fuel supply, urged Nigerians to avoid panic buying
- Publicity Secretary, Ukadike Chinedu commended Dangote for reducing fuel prices, reducing financial burden during festive season
- IPMAN encouraged members to adjust pumps to new prices to attract customers
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised Nigerians not to engage in panic buying, assuring that the country has an adequate fuel supply.
Mr Ukadike Chinedu, the Publicity Secretary of IPMAN, disclosed this statement on Sunday, December 23, in Abuja.
IPMAN commends Dangote for reducing petrol price
He commended the Dangote Petroleum Refinery for reducing the price of Premium Motor Spirit (PMS), or petrol, to N899.50 per litre, emphasising that this would ease the financial burden of transport for Nigerians during the festive season.
“You see, that is the beauty of deregulation. Prices are determined by market forces.
“With the Dangote and Federal Government refineries by the corner, this will bring competitive prices,” Chinedu stated.
IPMAN urges members to adjust pump price
He called on all IPMAN members to adjust their pumps to the revised price, which would help them 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,” Chinedu stated.
Recall that the Dangote Petroleum Refinery recently reduced the price of petrol. As the festive period approaches, this price cut is set to provide significant relief to millions of Nigerians battling high fuel prices and the rising cost of living.
Petrol landing cost drops to N971/litre – Report
Meanwhile, TheRadar earlier reported that the estimated landing cost of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria, had decreased significantly, offering a glimpse of potential relief for consumers.
Data from the Major Energy Marketers Association (MEMA) showed a significant decrease in the cost of importing petrol, falling to N971.57 per litre in November.