The Independent Petroleum Marketers Association of Nigeria has reassured Nigerians that there is no need for panic buying, emphasizing the country has sufficient fuel supplies.
Speaking in Abuja on Sunday, IPMAN’s Publicity Secretary, Mr. Ukadike Chinedu, praised the Dangote Petroleum Refinery for slashing the price of Premium Motor Spirit, commonly known as petrol, to N899.50 per litre.
Chinedu highlighted that this reduction is timely, particularly as the Yuletide season approaches, adding that it would ease transportation costs for Nigerians.
“You see, that is the beauty of deregulation. Prices are determined by market forces,” he stated. “With the Dangote and Federal Government refineries by the corner, this will bring competitive prices.”
He also encouraged IPMAN members to reflect the new pricing at their pumps to 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,” Chinedu said.
He noted the significant impact of this adjustment on fuel queues, adding, “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.”
The News Agency of Nigeria recalled that the Dangote Refinery had previously reduced its petrol price to N970 per litre in November.
