"No One Will Buy From You”: Oil Marketers Urge Members to Reduce Fuel Prices Ahead of Christmas
- The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members to adjust fuel pump price
- The IPMAN publicity secretary reassured Nigerians that there will be enough fuel at reasonable prices, said there is no need for panic buying
- Availability of fuel will push pump prices lower and reduce transportation costs during this yuletide season
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The Independent Marketers Association of Nigeria (IPMAN) has urged its members to adjust their fuel pump prices to reflect the recent reduction from Dangote Petroleum Refinery.
The IPMAN publicity secretary, Ukadike Chinedu, noted that competition will get stiff in the coming months, and customers will seek the best prices.
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Speaking in Abuja on Sunday, Chinedu also reassured Nigerians that sufficient fuel would be available, so there would be no need to panic buy or wait in long queues.
He said:
“If your prices are higher, no one will buy from you”.
According to Vanguard, Chinedu assured that the Yuletide season will not be plagued with long queues caused by fuel scarcity.
Dangote PMS price down to N899.50k
Chinedu noted that with the Dangote Petroleum Refinery reducing its price to N899.50k, marketers will also lower pump prices as they take delivery of the product at the new price.
This would, in turn, reduce transportation costs and ease interstate and intrastate movements.
He pointed out that queues are fizzling out at the NNPC stations because other marketers are now selling at competitive prices too.
Ukadike added that Nigerians are beginning to reap the benefits of deregulation, as fuel prices are now being determined by market forces.
He said that with some of the government-owned refineries projected to become active in 2025, there will be more supply and competitive pricing for the product.
The IPMAN national president Maigandi Garima hinted that prices could drop as low as N935 in filling stations across the country.
Further Price Cuts in view
In related news, Legit.ng reported that the Petrol marketers have hinted at further price cuts.
The PETROAN National Public Relations Officer, Dr Joseph Obele, noted that the price reductions by the Dangote Refinery and NNPCL show that a price war may soon be underway.
He added that these are all signs of healthy competition within the industry, and the consumers would become the ultimate beneficiaries.
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Source: Legit.ng
