The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated unequivocally that its decisions on purchases will be based on whose supplier provides the most reasonably priced gasoline, according to a report published in the Punch Newspaper. Ukadike Chinedu, the National Publicity Secretary, claims that IPMAN members will purchase Dangote’s Premium Motor Spirit (PMS) if it is less expensive. If, on the other hand, imported gasoline is more affordable, they will choose it.CONTINUE FULL READING>>>>>
Chinedu explained that the removal of fuel subsidies and the implementation of the Petroleum Industry Act (PIA) have paved the way for a competitive market where demand and supply dictate prices. He cited the diesel market as an example, where competition lowered prices from N1,600 to around N950-N1,100 per liter.
Mustapha Zarma, IPMAN’s National Operations Controller, confirmed that the association will soon contact the Dangote Refinery to analyze its petrol pricing. He stressed that, in line with their strategy, “if Dangote’s PMS is cheaper, we will buy it, but if importation is cheaper, we will go for it.”
Zarma added that competition will prevent any price monopoly, allowing the market to balance itself out and guarantee a sustainable supply of petrol.CONTINUE FULL READING>>>>>
