The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, 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 News Central’s Breakfast Central on Saturday, January 11, 2024, Ukadike 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.
Ukadike 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.
