IPMAN Assures Nigerians of Continued Petrol Price Reduction
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Elijah Shettima, has assured Nigerians that the price of Premium Motor Spirit (PMS), popularly known as petrol, will decline.
Shettima gave the assurance during an interview with News Agency of Nigeria on Monday in Abuja.
He said IPMAN’s priority was to ensure that independent marketers could purchase petroleum products directly from the Dangote Refinery.
The president said that the arrangement would improve product availability and encourage lower pump prices.
“Our major concern is to ensure that independent marketers can purchase products directly from the Dangote Refinery.
“If importation becomes necessary, marketers should also be allowed to import products independently,” he said.
Shettima also called for sustained government support for local refining, noting that the growth of domestic refining capacity remained key to achieving affordable and stable fuel prices.
He urged the Federal Government to create an enabling environment for existing refineries to operate efficiently while encouraging more private investment in the sector.
Addressing concerns over the slow pace of reductions in pump prices, Shettima explained that fuel prices adjust gradually in line with market conditions.
He said that as prices increased in stages when costs rose, reductions would also occur progressively as procurement costs declined.
According to him, independent marketers have reduced pump prices by about ₦125 per litre across the country and remain committed to passing on further reductions to consumers.
“We are ready to reduce prices as long as we can maintain reasonable margins and remain profitable. Our goal is to make fuel more affordable for consumers,” he said.
Responding to questions on whether petrol could sell for ₦900 per litre, Shettima said the possibility depended largely on the cost at which marketers purchased products from depot owners.
He explained that if procurement costs continued to decline, marketers would be willing to reduce pump prices further, even below ₦800 per litre, where market conditions permit.
Shettima said Dangote Refinery’s decision to allow independent marketers to purchase products directly was a major milestone for the downstream petroleum sector.
He expressed confidence that the development would enhance competition, reduce distribution costs, and translate into lower pump prices for Nigerians .#IPMAN Assures Nigerians of Continued Petrol Price Reduction#
