“Competitive Prices”: Marketers Address Anticipated Scarcity of Fuel Ahead of Christmas
- Marketers warn Nigerians to avoid panic buying since there is a sufficient supply of petroleum in the country
- The Dangote Petroleum Refinery was commended for lowering the cost of their PMS gasoline to N899.50k per litre
- Members have been advised to adjust their pumps to the new pump price in order to attract more customers
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigerians are advised by the Independent Petroleum Marketers Association of Nigeria (IPMAN) to refrain from panic buying because the nation has an adequate supply of fuel.
Source: Getty Images
IPMAN Publicity Secretary Ukadike Chinedu made this statement on Sunday in Abuja, praising the Dangote Petroleum Refinery for lowering the price of its gasoline, Premium Motor Spirit (PMS), to N899.50k per liter.
Ahead of the Yuletide holidays, he claimed that the gesture will assist Nigerians in lowering their transportation expenses.
”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 said.
In order to draw in more clients, he advised all IPMAN members to modify their pumps to the new pump price.
“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.
Meanwhile, Nigerians have expressed appreciation about te recent decline in price of fuel.
Shade Akinlolu said,
"If petrol prices continues to decline this way, Nigerians will be very glad"
In November, the Dangote Refinery reduced the price of gasoline to N970 a litre, according to the News Agency of Nigeria (NAN).
Mobil, TotalEnergies, Conoil announce new petrol price
Legit.ng reported that an investigation revealed that PMS continued to sell for more than N1000 per litre at filling stations even after the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery lowered the price.
To provide Nigerians much-needed respite, Dangote Refinery earlier lowered the price of PMS to N899.50k per litre in what it called a Holiday Bonanza.
To further benefit customers, Dangote Group unveiled a special deal in a statement released by Anthony Chiejina, the Group Chief Branding and Communications Officer.
Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.
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