The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Ukadike Chinedu, has expressed optimism over the declining prices of Premium Motor Spirit (PMS) in Nigeria.
He attributed the trend to improved pricing mechanisms, enhanced accessibility, and more efficient procurement processes within the petroleum sector.
Speaking on News Central’s Breakfast Central on Saturday, January 11, 2024, Chinedu emphasized that the reduced costs have increased consumer demand while boosting satisfaction among marketers.
“Now that the cost of the product is going down, most marketers are happy. We even see customers requesting 20 or 50 litres because the price is dropping significantly. Previously, we spent nearly N50 million, but now costs have reduced to around N40-something million,” he explained.
Chinedu also highlighted the advantages of a deregulated market, following the removal of fuel subsidies.
He noted that deregulation has attracted investors and created opportunities for competitive pricing.
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“We are now in a deregulated economy where subsidies have been removed. Investors are coming in because the government no longer regulates or supplies petroleum products. Even those who want to import can now do so at lower rates,” he stated.
The ongoing reforms in Nigeria’s oil sector are expected to further improve pricing, enhance market competition, and boost accessibility for both consumers and investors.
