The Independent Petroleum Marketers Association of Nigeria (IPMAN) has lauded the recent reduction in petrol prices by Dangote Petroleum Refinery as a testament to the advantages of deregulation in Nigeria’s downstream oil sector. Speaking in Abuja on Sunday, IPMAN Publicity Secretary, Mr. Ukadike Chinedu, commended Dangote for lowering its petrol price to ₦899.50 per litre, emphasizing the positive impact this will have on transport costs for Nigerians during the festive season.
You see, that is the beauty of deregulation. Prices are determined by market forces. With Dangote and Federal Government refineries in play, this will bring competitive prices, Chinedu stated.
The price reduction is expected to ease economic pressure on Nigerians, especially during the Yuletide holidays when travel expenses typically spike. Chinedu also urged IPMAN members to adjust their pump prices to reflect the new rates, ensuring competitiveness and increased sales.
We have started ordering at the new price, and some of our members have already adjusted their pumps. If your price is higher, nobody will buy from you, he said. He noted that queues at NNPC filling stations have significantly reduced, as most marketers are now offering competitive pricing.
The latest price adjustment follows an earlier reduction by Dangote Refinery in November, when the price dropped to ₦970 per litre. The move is seen as a game changer in the deregulated market, fostering healthy competition and potentially stabilizing fuel prices across the country.
Chinedu also reassured Nigerians about fuel availability, urging them to avoid panic buying. There is enough fuel in the country, so there is no need for panic, he said.
The reduction in petrol prices by Dangote Petroleum Refinery signals a shift towards a more competitive and consumer-friendly oil sector in Nigeria, driven by market forces and deregulation policies.
