The Independent Petroleum Marketers Association of Nigeria (IPMAN) have praised the reduction in petrol price as recently announced by the Dangote Refinery, expressing its significance in a competitive market.
Dangote Refinery had announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦970 per litre for oil marketers on Sunday.
According to a statement by the company’s Chief Branding and Communications Officer, Anthony Chiejina, he said the reduction is a gesture of appreciation to Nigerians for their steadfast support in bringing the refinery’s vision to life.
This new price marks a ₦20 decrease from the refinery’s earlier ex-depot price of ₦990 per litre, introduced earlier this month.
“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,” the statement read.
Reacting, IPMAN President, Shettima Maigandi, told The Guardian, that the move by the refinery reflected the evolving dynamics of the industry and showed that they were operating in a competitive market, a positive development for marketers and consumers alike.
IPMAN’s president assured Nigerians of a slash in price after getting the reduction from the refinery.
“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. We are also going to cut our prices immediately we start taking the reduction in price of the product from Dangote refinery,” he said.
Even with the signed naira for crude deal, the price of Petrol has only reduced by N20 from Dangote refinery.
