IPMAN OPTIMISTIC OF IMMINENT DROP IN FUEL PRICES

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IPMAN OPTIMISTIC OF IMMINENT DROP IN FUEL PRICES

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu, has expressed optimism about the declining price of Premium Motor Spirit (PMS) in Nigeria.

He attributed this trend to improved pricing, accessibility, and procurement processes within the petroleum sector.

Speaking on Saturday, January 11, 2024, Chinedu noted that the reduced costs have fostered increased consumer demand and satisfaction among marketers.

“Now that the cost of the product is going down, most marketers are happy. We can even see people requesting 20 or 50 litres because the price is coming down drastically. Before, we spent close to N50 million, but now the cost has reduced to N40-something million,” he explained.

Chinedu also highlighted the benefits of a deregulated market following the removal of fuel subsidies, which he believes has attracted investors and created opportunities for competitive pricing.

“We are in a deregulated economy now; subsidy has been removed. Investors are coming in because the government is no longer regulating or supplying petroleum products. Even those who want to import can now get it at cheaper rates,” he stated.

The ongoing reforms in Nigeria’s oil sector are expected to drive further improvements in pricing, enhance market competition, and boost accessibility for consumers and investors alike.

  • Dons Eze

    DONS EZE, PhD, Political Philosopher and Journalist of over four decades standing, worked in several newspaper houses across the country, and rose to the positions of Editor and General Manager. A UNESCO Fellow in Journalism, Dr. Dons Eze, a prolific writer and author of many books, attended several courses on Journalism and Communication in both Nigeria and overseas, including a Postgraduate Course on Journalism at Warsaw, Poland; Strategic Communication and Practical Communication Approach at RIPA International, London, the United Kingdom, among others.

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