The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the recent reduction in the price of Premium Motor Spirit (PMS), also known as petrol, by Dangote Refinery.
This move, they say, reflects the positive shift in the competitive dynamics of the petroleum market.
Dangote Refinery announced a price cut of ₦20 per litre for PMS, bringing the ex-depot price down from ₦990 to ₦970 per litre.
The announcement, made by the refinery’s Chief Branding and Communications Officer, Anthony Chiejina, was described as a gesture of gratitude to Nigerians for their unwavering support in realizing the refinery’s vision.
“The adjustment is also our way of expressing gratitude to the government for their support, as it aligns with efforts to encourage domestic enterprise for the collective good of the nation,” Chiejina said.
Speaking to The Guardian, IPMAN President Shettima Maigandi praised the decision as a significant milestone for both petroleum marketers and consumers. He emphasized that the price cut demonstrated the competitiveness of the Nigerian petroleum market.
“The price cut is good information for independent petroleum marketers. Now, we have a good product that we can discharge in our filling stations and sell to the Nigerian masses,” Maigandi said.
Maigandi assured Nigerians that independent petroleum marketers would immediately reduce pump prices once they begin sourcing petrol at the reduced rate from Dangote Refinery.
This development is expected to provide some financial relief to consumers, particularly amid rising economic pressures.
The price reduction underscores the evolving dynamics of Nigeria’s petroleum industry, with private players like Dangote Refinery fostering healthy competition. This competitive landscape promises long-term benefits for consumers and the economy by encouraging market efficiency and affordability.
As petroleum marketers gear up to reflect this price reduction in their stations, Nigerians can look forward to tangible savings at the pump, marking a step toward more stable and consumer-friendly fuel pricing in the country.