Ahead of the public holiday declared by the Federal Government on December 25th and 26th, 2024, as well as January 1st, 2025, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerians not to panic-buy fuel.
The IPMAN Publicity Secretary, Mr. Ukadike Chinedu, disclosed this in Abuja while commending the Federal Government and Dangote Refinery for reducing the price of Premium Motor Spirit (PMS) to N899.50k per litre.
He stated that the new reduction in fuel price would foster competition in the market, allowing Nigerians to purchase fuel easily from outlets of their choice.
“You see, that is the beauty of deregulation. Prices are determined by market forces. With the Dangote and Federal Government refineries around the corner, this will bring competitive prices,” he said.
He also warned marketers that consumers would avoid buying from outlets selling above the newly reduced price.
Chinedu emphasized that the reduction would eliminate queues in most filling stations, as many outlets now sell fuel at similar prices nationwide.
“We have started ordering at the new price, and some of our members have already begun adjusting their pumps lower to ensure faster sales. If your price is higher, nobody will buy from you.
“You’ll notice now that the queues that used to form at NNPC filling stations have significantly reduced because most marketers are selling at almost the same price as NNPC,” he stated.
The reduction in fuel prices provides relief to Nigerians, lowers transportation costs, and offers long-term economic benefits.