Marketers warn Nigerians to avoid panic buying since there is a sufficient supply of petroleum in the countryThe Dangote Petroleum Refinery was commended for lowering the cost of their PMS gasoline to N899.50k per litreMembers have been advised to adjust their pumps to the new pump price in order to attract more customers
Henzodaily.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Nigerians are advised by the Independent Petroleum Marketers Association of Nigeria (IPMAN) to refrain from panic buying because the nation has an adequate supply of fuel.
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This was said on Sunday in Abuja by IPMAN Publicity Secretary Ukadike Chinedu.
He praised the Dangote Petroleum Refinery for bringing down the price of its gasoline, or Premium Motor Spirit (PMS), to N899.50k per litre.
Ahead of the Yuletide holidays, he claimed that the gesture will assist Nigerians in lowering their transportation expenses.
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”You see, that is the beauty of deregulation. Prices are determined by market forces.
”With the Dangote and Federal Government refineries by the corner, this will bring competitive prices,” Chinedu said.
In order to draw in more clients, he advised all IPMAN members to modify their pumps to the new pump price.
“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.
“If your price is higher, nobody will buy from you.
“You will even find out now that those queues that you normally see in NNPC filling stations have all reduced, because most marketers are almost selling the same thing with them,” he said.
In November, the Dangote Refinery reduced the price of gasoline to N970 a litre, according to the News Agency of Nigeria (NAN).
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Henzodaily.ng reported that an investigation revealed that PMS continued to sell for more than N1000 per litre at filling stations even after the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery lowered the price.
To provide Nigerians much-needed respite, Dangote Refinery earlier lowered the price of PMS to N899.50k per litre in what it called a Holiday Bonanza.
To further benefit customers, Dangote Group unveiled a special deal in a statement released by Anthony Chiejina, the Group Chief Branding and Communications Officer.
Proofreading by Nkem Ikeke, journalist and copy editor at Henzodaily.ng.
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