The Independent Petroleum Marketers Association of Nigeria, IPMAN, has urged Nigerian to avoid panic buying as there is enough fuel in the country.
Mr. Ukadike Chinedu, IPMAN Publicity Secretary stated on Sunday in Abuja that “Dangote Refinery has introduced a new pricing and loading arrangement where marketers will pay a fixed ex-depot price of N899.50 per litre.
“This initiative aims to ensure uniform fuel prices across the country. This new arrangement is set to commence on Monday. Previously, the loading price stood at N970 per litre, but from Monday, petrol prices are expected to drop to N935.
He stated that, the gesture would help to reduce cost of transportation for Nigerians with the festive season approaching.
” For us, the reduced price remains a welcome development as that is the beauty of a deregulated sector”. Chinedu said.
READ ALSO: IPMAN, Dangote reach agreement on direct petrol supply
The recent price reductions stem from heightened competition in the downstream sector, with NNPCL and Dangote Refinery engaging in a pricing battle.
NNPCL reduces petrol price by 12%
On Saturday, NNPCL reduced petrol prices by 12%, following Dangote Refinery’s earlier adjustment to N899 per litre.
He pleaded with all IPMAN members to adjust their pump to the new pump price to attract more customers.
“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.
Ukadike emphasized that “the deregulated sector fosters healthy competition, resulting in better pricing for consumers.
He also mentioned that marketers would source products from both refineries, depending on proximity to their outlets.
“We would be picking our products from both refineries but the most important thing is the nearness to retail outlets. But Dangote arrangement is via MRS, and NNPCL is helping to load from other depots.” he said.
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