Chinedu highlighted the recent reduction of Premium Motor Spirit (PMS) prices to ₦899.50 per litre, which he said is good news for customers. He explained that because of deregulation, prices are now set by market competition, and more price drops are expected once refineries are running at full capacity.
IPMAN members have set their fuel prices to match current market conditions, leading to increased sales and reduced queues. Chinedu pointed out that having similar prices helps build trust among customers and keeps the market steady.
“Most marketers are selling at similar rates, which benefits both the market and consumers,” he said.
Chinedu reminded sellers not to hold onto fuel, as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has recently set penalties for this behavior. Fuel Hoarding can cause shortages, raise prices, and make the market unstable.
IPMAN is dedicated to ensuring fair fuel distribution and keeping the market stable during the holiday season and beyond.
