The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerians to avoid panic-buying of premium motor spirit (PMS), otherwise known as petrol, during this festive period, assuring them of enough supply to go around.
The Publicity Secretary of IPMAN, Mr Ukadike Chinedu, while speaking in Abuja, commended the Dangote Petroleum Refinery for reducing the price of its product to N899.50 per litre, noting that the gesture will help to reduce transport costs for Nigerians ahead of yuletide holidays.
”You see, that is the beauty of deregulation; prices are determined by market forces and with the Dangote and federal government refineries by the corner, this will bring competitive prices,” Mr Chinedu said.
He urged all IPMAN members to adjust their pump to the new price to attract more customers.
“We have started ordering the new price, and some of our members have already started adjusting their pumps lower for 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 said.
In a related development, IPMAN, at the weekend announced that beginning from Monday (December 23) its members will begin to sell petrol at at N935 per litre.
Mr Maigandi Garima, IPMAN’s National President, who disclosed this, stated that the reduced price regime is a result of a new arrangement with the Dangote Refinery, which will make it possible for independent marketers to sell at N935 per litre.
Business Post reports that IPMAN stations were, however, still selling the product at above N1,00 per litre as of Tuesday afternoon.
The Nigerian National Petroleum Company (NNPC) Limited also reduced the prices of petrol – by N20 per litre at its fuel stations in the Federal Capital Territory, Abuja.
The product is now selling for N965 per litre at the state oil company’s stations across the city.
As for NNPC, it is not clear whether it will extend its new N965 per litre price to other parts of the country.