The Independent Petroleum Marketers Association of Nigeria has urged Nigerians to avoid panic buying as there is enough fuel.

Ukadike Chinedu, IPMAN spokesman, said this on Sunday in Abuja.
He commended the Dangote Petroleum Refinery for reducing the price of its Premium Motor Spirit (PMS), also known as petrol, to N899.50 per litre.

He said the gesture would help to reduce transport cost for Nigerians ahead of the 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,” Mr Chinedu said.

He urged all IPMAN members to adjust their pump to the new pump price to attract more customers.

“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.

The Dangote Refinery lowered its petrol price to N970 per litre in November.

(NAN)