‘No one will buy from you’: Oil marketers urge members to cut fuel prices before Christmas

• The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged its members to adjust the pump price of fuel.
• The IPMAN Publicity Secretary reassured Nigerians that there would be sufficient fuel at reasonable prices, saying there was no need for panic buying.
• Fuel availability will lower prices at the pump and reduce transportation costs this Christmas season.

The Independent Traders Association of Nigeria (IPMAN) has urged its members to adjust their pump prices to reflect the recent reduction at the Dangote Oil Refinery.

IPMAN Publicity Secretary Ukadike Chinedu noted that competition will become tough in the coming months and customers will be looking for the best prices.

Speaking in Abuja on Sunday, Chinedu also reassured Nigerians that there would be enough fuel 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 Christmas season would not be plagued by long queues caused by fuel shortage.

Dangote PMS price drops to N899.50,000

Chinedu noted that with the reduction of its price to 899.50,000 Naira by the Dangote Oil Refinery, traders will also lower pump prices when they take delivery of the product at the new price.

This would, in turn, reduce transportation costs and facilitate interstate and intrastate movement.

He pointed out that queues are thinning outside NNPC stations because other traders are now also selling at competitive prices.

Ukadike added that Nigerians are beginning to reap the benefits of deregulation, as fuel prices are now determined by market forces.

He said with the commissioning of some of the state-owned refineries expected to become active in 2025, there will be more supply and competitive prices for the product.

IPMAN National President Maigandi Garima has hinted that prices could fall to as low as N935 at petrol stations across the country.

Further price cuts in sight

In related news, Legitime.ng reported that gasoline distributors have hinted at further price cuts.

PETROAN National Public Relations Officer, Dr. Joseph Obele, noted that the price reductions by 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 consumers would become the ultimate beneficiaries.

Source: Legit.ng