In a bid to calm rising concerns about fuel availability during the festive season, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has assured Nigerians that there is sufficient fuel supply in the country.
IPMAN’s Publicity Secretary, Mr. Ukadike Chinedu, conveyed this message in a recent statement emphasizing that there is no need for panic buying. Chinedu highlighted the stability of the fuel market, attributing it to recent reforms in the petroleum sector.
“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.”
Mr. Ukadike Chinedu, IPMAN’s Publicity Secretary
One of the key developments easing consumer worries is the decision by Dangote Petroleum Refinery to lower the price of Premium Motor Spirit (PMS), commonly known as petrol.
Chinedu lauded this move, noting that it offers significant relief for Nigerians, especially during the festive period when travel demand typically increases.
The reduction in pump prices is expected to ease transportation costs, providing financial respite to citizens planning to visit family or undertake seasonal travel.
Chinedu further called on IPMAN members to align their prices with the adjusted rates, stressing the importance of competitive pricing to maintain consumer loyalty.
“If your price is too high, consumers will simply look elsewhere,” he noted, adding that competitive pricing not only benefits the market but also fosters consumer confidence.
Chinedu revealed that many marketers had already begun implementing the revised prices, leading to a visible reduction in 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.”
Mr. Ukadike Chinedu, IPMAN’s Publicity Secretary
According to him, the adjustment in prices has enhanced operational efficiency and stabilized supply chains.
Long queues, which had previously been a feature of fuel stations, particularly those operated by the Nigerian National Petroleum Corporation (NNPC), are now declining as more marketers adopt uniform pricing.
Promoting Fair Fuel Distribution
As part of efforts to ensure a smooth supply of fuel, particularly during the yuletide season, Chinedu reiterated IPMAN’s commitment to maintaining a fair and efficient fuel distribution system.
He assured Nigerians that the association is working closely with the government to prevent disruptions and meet the rising demand associated with the festive period.
He also underscored the negative impact of hoarding on the petroleum market, calling on marketers to avoid unethical practices that destabilize the market.
“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 make it harder for the public to access fuel at fair prices.”
Mr. Ukadike Chinedu, IPMAN’s Publicity Secretary
To prevent unethical practices during this critical period, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has intensified its oversight of petroleum marketers.
The agency recently issued a stern warning against fuel hoarding and tampering with pump settings.
Fuel hoarding not only inconveniences consumers but also has far-reaching effects on the broader economy. Artificial scarcity drives up transportation costs, which, in turn, inflates the prices of goods and services.
This creates a ripple effect of economic instability, undermining public confidence in the fuel market and the government’s ability to ensure fair pricing.
Chinedu pointed out that uniformity in pricing is critical to sustaining market confidence.
Nigerians are encouraged to trust the system and refrain from actions that may disrupt the delicate balance of supply and demand. By working together, the government, IPMAN, and consumers can ensure a smooth and affordable fuel supply throughout the holiday season.
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