The Independent Petroleum Marketers Association of Nigeria (IPMAN) assures Nigerians of sufficient fuel availability nationwide and advises citizens to avoid panic buying.
In a statement on Sunday, IPMAN Publicity Secretary Ukadike Chinedu emphasizes that there is no reason for concern about fuel supply. He reaffirms the association’s commitment to providing consistent and fair fuel distribution, particularly during the festive season.
Chinedu commends the Dangote Petroleum Refinery for reducing the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦899.50 per litre. He highlights that the price adjustment eases transportation costs, especially during the high-travel period.
“This price reduction highlights the benefits of deregulation in the petroleum sector, allowing market forces to determine pricing. With Dangote and the Federal Government’s refineries gearing up for full operation, consumers can anticipate more competitive pricing in the future,” Chinedu explains.
Emphasis on Competitive Pricing
Chinedu urges IPMAN members to align their pump prices with the new rates to remain competitive and attract customers. He notes that many marketers have already adopted the revised pricing, leading to increased sales and shorter queues at filling stations.
“Marketers are adjusting their prices to match market trends, which benefits both consumers through cost savings and marketers through faster sales,” he says.
He stresses the importance of price uniformity among marketers to maintain consumer trust, adding, “If prices are too high, consumers will simply choose other stations. These adjustments are reducing the long queues previously seen at filling stations and creating a more stable market.”
Chinedu reiterates IPMAN’s dedication to supporting the government in maintaining an efficient and equitable fuel distribution system throughout the festive season and beyond.
Key Points
- Fuel hoarding often leads to artificial scarcity, panic buying, long queues, and market instability.
- Regulatory authorities recently warned marketers against hoarding fuel or engaging in unethical practices.
- Such activities disrupt the economy, inflate transportation costs, and erode consumer trust, making it harder to maintain fair pricing and availability.
Chinedu concludes by urging marketers to uphold ethical practices, ensuring fuel remains accessible to all Nigerians during this critical period.
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