Reduction in petrol price by Dangote beauty of deregulation – IPMAN
IPMAN
Published By: Ayorinde Oluokun
By Nana Musa
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has described reduction in price of petrol by Dangote Petroleum Refinery as one of the beauties of deregulation of the downstream sector of the Nigerian oil industry.
Mr Ukadike Chinedu, IPMAN Publicity Secretary said this in Abuja on Sunday while commending Dangote for reducing price of its petrol to N899.50k per litre.
He said 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,” Chinedu said.
He urged all IPMAN members to adjust their pump to the new pump price to attract more customers.
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“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.
Dangote Refinery had lowered its petrol price to N970 per litre in November.
The IPMAN Publicity Secretary also urged Nigerian to avoid panic buying as there is enough fuel in the country.
(NAN)
