Petrol stations across the country have started adjusting their pumps to reflect the new price of Premium Motor Spirit (PMS) and sell at a lower rate, after Dangote refinery reduced the price of the commodity to N899.50k per litre.
TheNewsGuru.com (TNG) reports Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed this in Abuja on Sunday in a statement by Mr Ukadike Chinedu, IPMAN’s Publicity Secretary.
The association had earlier pegged the price of petrol at N935 per litre beginning from today after Dangote Refinery reduced the ex-depot price of fuel from N970 per litre to N899.50 per litre.
In the bid to ensure that the price reduction gets to the end consumers, Dangote Refinery signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.
“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,” Mr Chinedu stated.
IPMAN commended Dangote Refinery for reducing the price of petrol and urged Nigerian to avoid panic buying, stressing that there is enough fuel in the country.
Chinedu stated that the gesture would help to reduce transport cost for Nigerians ahead of yuletide holidays.
“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,” he said.
Chinedu urged all IPMAN members to adjust their pumps to the new pump price to attract more customers.