Amid concerns over fuel availability during the festive season, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has reassured Nigerians that there is no need for panic buying, as the country has sufficient fuel reserves to meet demand.
Speaking on Sunday in Abuja, IPMAN Publicity Secretary, Ukadike Chinedu, emphasized the association’s commitment to ensuring stability in fuel supply and distribution across the country. He lauded the Dangote Petroleum Refinery’s recent reduction of Premium Motor Spirit (PMS) price to N899.50 per litre, a move he described as timely and beneficial.
“This is the beauty of deregulation,” Chinedu noted. “With prices being determined by market forces, and the operations of Dangote and Federal Government refineries, Nigerians can expect more competitive pricing.”
He also highlighted the potential impact of the price cut on transportation costs, especially during the festive period, when travel spikes nationwide.
To ensure the benefits of the price adjustment are widespread, Chinedu urged IPMAN members to swiftly align their pump prices with the new rates. “Many of our members have already started adjusting their pumps. Competitive pricing is key to attracting customers, and those who don’t adjust will find it hard to sell,” he remarked.
The recent developments have also eased pressure on NNPC retail outlets, as private marketers now sell petrol at nearly identical prices, reducing long queues at the government-owned stations.
This price cut follows Dangote Refinery’s earlier reduction to N970 per litre in November, marking steady progress in Nigeria’s deregulated petroleum sector.
Chinedu encouraged Nigerians to remain calm and confident in the system, reiterating that efforts are in place to maintain fuel availability and affordability during the yuletide and beyond.
NAN
