IPMAN Assures Nigerians of Sufficient Fuel Supply, Urges Against Panic Buying
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 supplies. In a statement issued on Sunday in Abuja, IPMAN’s Publicity Secretary, Ukadike Chinedu, urged the public to avoid unnecessary fuel hoarding.
He also praised the Dangote Petroleum Refinery for reducing the price of Premium Motor Spirit (PMS), commonly known as petrol, to N899.50 per liter, a move that is expected to help reduce transportation costs for Nigerians during the upcoming holiday season.
Chinedu highlighted that the reduction in petrol prices demonstrates the benefits of deregulation, where prices are determined by market forces rather than government control. He pointed out that with the Dangote and Federal Government refineries in operation, the country is moving towards more competitive pricing, which could further benefit consumers. The price reduction by the Dangote Refinery follows an earlier decrease to N970 per liter in November, indicating a continued effort to ease the financial burden on Nigerians.
In addition to commending the Dangote Refinery, Chinedu urged all members of IPMAN to adjust their pump prices to reflect the new rate of N899.50 per litre. He emphasized that this price adjustment would not only make fuel more affordable for consumers but also attract more customers to their stations. The association’s call for compliance with the new price is aimed at ensuring consistency across the market and preventing any discrepancies that could lead to confusion or exploitation.
Chinedu’s statement comes at a time when many Nigerians are preparing for the holiday season, which often sees increased travel and demand for fuel. By assuring the public of adequate supply and highlighting the positive impact of deregulation, IPMAN aims to maintain stability in the fuel market and prevent any disruptions in the lead-up to the festive period.
