The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that its collaboration with Dangote is playing a significant role in reducing the price of Premium Motor Spirit (PMS).
IPMAN’s National Public Relations Officer, Chinedu Ukadike, highlighted the immediate impact of the partnership. “By just the announcement that IPMAN and Dangote have met and are ready to transact business, the prices of products have crashed,” Ukadike stated.
He noted that consumers have observed a price reduction of N10 to N15 per liter, attributing the drop to increased competition.
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Ukadike emphasized that independent marketers are now bypassing middlemen and purchasing directly from the producer, fostering a more competitive market. “Before the end of this year, the price will not be as high as what you see now,” he assured.
He further explained, “Our meeting with Dangote has significantly removed about N10 from the prices of refined petroleum products.
This is a good development, and we have not even fully commenced operations.
I had earlier said that prices would drop once IPMAN started lifting from Dangote.”
The partnership marks a positive step towards stabilizing fuel prices in Nigeria, with hopes for further reductions as the collaboration progresses.