The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi has assured that the effect of the reduction of the pump price of fuel will get to consumers as soon as the group starts lifting the product from Dangote Refinery.
Recall that Dangote Petroleum Refinery has reduced its petrol pump price to N899.50k per litre.
The company stated this in a statement by its spokesman, Anthony Chiejina, on Thursday, stressing that the decision was meant to provide much-needed relief for Nigerians ahead of the holiday season.
Maigandi in reaction to the development on Arise TV stated that since Dangote Refinery has reduced the pump price of fuel, it will definitely get back to the consumers.
He said, “We the Independent Petroleum Marketers, immediately we start picking up the product will change our price so that the consumers will enjoy the benefits.
Speaking on other changes to expect from the sector due to reduction in fuel price, he said, “Our major challenge before now has been the cost of the product. Transportation and other economic activities will change. You know that most of the commodities are dependent on transportation. So, if the price of the PMS reduces, the transportation cost will also reduce. Even the value of the naira will appreciate because if the price is down there won’t be any need of importing products. With this reduction, the price of fuel offered by IPMAN will be lower than any marketer.”
While speaking on how importation of fuel can be stopped completely, he said, “If Port Harcourt refinery is working and Dangote Refinery is functioning, and very soon as I learnt that the Warri Refinery will start functioning and Kaduna as well, I think there won’t be any need for importation. The consideration will be on how to start exporting the product which has even started. In other words we won’t be talking about importation of fuel anymore.”