The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned Nigerians against panic buying of fuel.
The IPMAN Publicity Secretary, Ukadike Chinedu, who made the call in a statement on Sunday in Abuja, commended Dangote Petroleum Refinery for reducing the price of its Premium Motor Spirit (PMS) also known as petrol to N899.50k per litre.
He said the gesture would help to reduce transport costs for Nigerians ahead of the yuletide holidays.
Chinedu said: “You see, that is the beauty of deregulation. Prices are determined by market forces.
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“With the Dangote and Federal Government refineries by the corner, this will bring competitive prices.
“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.”
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