The Independent Petroleum Marketers Association of Nigeria (IPMAN) has pleaded with Nigerians that there is sufficient fuel supply in the country, urging citizens to avoid panic buying.
This was announced by IPMAN Publicity Secretary, Mr. Ukadike Chinedu in a statement on Sunday in Abuja, where he highlighted that there was no cause for alarm regarding fuel availability.
He emphasized the association’s commitment to ensuring a steady and efficient fuel supply to consumers at fair prices throughout the yuletide.
Meanwhile, the IPMAN says the price of petrol will drop to N935 per litre today, adding that the new price was necessitated by the reduction in Dangote Refinery’s ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.
Reacting to the price war, President of Consumer Rights Price Index Watch, Mr. Julius Opara, said while the price reduction by the two major contenders in the downstream sector comes as a relief, Nigerians were yet to feel the positive impact at the pumps.
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He lamented that despite the reduction of the ex-depot price of petrol, most filling stations operated by both major and independent marketers were still selling above N1, 000 per litre.
“So where lies the gain in the price reduction if prices are still above N1, 000 per litre? The truth is that marketers that ought to reflect these changes at the pumps are not doing so. The gains are majorly for the marketers and not consumers.
“If the situation were to be the other way round (increase in ex-depot price), the reflection at the pumps would have been immediate. But now that it is a downward review, they are not keen about adjusting their pumps,” he said.
He added that the reduction in ex-depot price to N899 per litre should ordinarily have reflected at the pumps. Giving a cost breakdown analysis, Opara said most marketers were all out to maximise profit at the detriment of consumers.
