The Independent Petroleum Marketers Association of Nigeria (IPMAN) has reassured Nigerians that there is sufficient fuel supply in the country and urged citizens to avoid panic buying.
This was announced by IPMAN Publicity Secretary, Mr. Ukadike Chinedu in a statement on Sunday, in Abuja, where he highlighted that there was no cause for alarm regarding fuel availability.
He emphasized the association’s commitment to ensuring a steady and efficient fuel supply to consumers at fair prices throughout the yuletide season as reported by the News Agency of Nigeria.
Chinedu commended the Dangote Petroleum Refinery for its decision to lower the price of Premium Motor Spirit (PMS), commonly referred to as petrol, to ₦899.50 per litre, noting that the price reduction would provide significant relief for Nigerians by easing transportation costs, particularly as travel demand increases during the festive period.
“This price adjustment demonstrates the benefits of deregulation in the petroleum sector, where market forces play a key role in determining prices. With both Dangote and the Federal Government’s refineries poised to operate fully, we can anticipate more competitive pricing that will benefit consumers in the long term,” Chinedu stated.
He further encouraged IPMAN members to align their pump prices with the new rates to remain competitive and attract customers. According to him, several marketers have already begun implementing the revised prices, which has had a positive impact on sales and significantly reduced queues at filling stations.
“We have already started placing orders at the adjusted price, and many of our members have begun lowering their pump prices to align with the market trends. This not only helps them achieve faster sales but also ensures that consumers get the benefit of reduced costs,” Chinedu explained.
The Secretary also stated the importance of price uniformity among marketers, noting that competitive pricing fosters consumer confidence.
“If your price is too high, consumers will simply look elsewhere. This adjustment is why we are seeing a decline in the long queues that used to characterize NNPC filling stations. Most marketers are now selling at similar rates, which is great for the market and the consumers,” he added.
Chinedu concluded by assuring Nigerians that IPMAN remains committed to supporting the government’s efforts in maintaining an efficient and fair fuel distribution system throughout the festive season and beyond.
What you should know
Fuel hoarding triggers artificial scarcity, causing panic buying, long queues, and supply chain disruptions. These challenges not only inconvenience consumers but destabilize the market and also make it harder for the public to access fuel at fair prices.
- Recently the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued a warning to petroleum marketers against hoarding fuel or engaging in unethical practices during the festive season and beyond following a report by Nairametrics.
- The State Coordinator, Kunle Adeyemo also emphasized the strict penalties on any marketer found guilty of hoarding fuel or illegally tampering with pump settings.
- The impact of fuel hoarding extends to the broader economy, driving up transportation costs and inflating the price of goods and services. This instability undermines confidence in the fuel market, making it harder to maintain fair pricing and consistent access to fuel.
