Nigeria’s fuel supply remains stable and abundant, the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed on Sunday in Abuja.
IPMAN’s Publicity Secretary, Ukadike Chinedu, urged citizens to avoid panic buying while praising Dangote Petroleum Refinery’s decision to reduce petrol prices to N899.50 per litre.
“This is the beauty of deregulation,” Chinedu said, noting that market forces now determine prices. He pointed to the upcoming operations of both Dangote and Federal Government refineries as catalysts for competitive pricing.
IPMAN members have begun adjusting their pump prices downward to remain competitive. According to Chinedu, the price reduction has already impacted consumer behaviour, with previously common queues at NNPC filling stations diminishing as prices standardise across vendors.
The announcement follows Dangote Refinery’s initial price reduction to N970 per litre in November, with the latest adjustment expected to ease transportation costs during the holiday season.
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