By: Felix Ikpotor
Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State Branch, Tekena ThankGod Ikpaki, has hinted at a possible reduction in the pump prices of petrol and diesel in the coming days.
Ikpaki said the expected drop follows a recent reduction in ex-depot prices by Dangote Refinery, which slashed the price of petrol by about ₦100 per litre, while NNPCL has also reduced the price of diesel, by about ₦200 per litre adding that the reductions are expected to trickle down to filling stations and reflect in the prices paid by consumers for the product.
He also hinged his prediction on recent developments in the global oil market, saying the price could stabilize following the United State’s President Donald Trump’s assurance to safeguard oil shipments and tankers passing through the Strait of Hormuz in the Middle East, a key global oil transit route.
Ikpaki however, advised motorists and residents against panic buying or hoarding of petroleum products, stressing that the situation is more likely to affect pricing than availability.
The IPMAN chairman maintained that there is currently no indication of fuel scarcity and urged the public to buy only what they need.
”What triggered the pricing we all know is the war, the Iranian/Isreal-American war. Even though President Trump has announced that he’s going to be in Iran, he’s going to continue in the war for the next four to five weeks or even more, the American government has put security measures in place to make sure that there is a safe passage or navigation of vessels carrying the petroleum products to their various locations; This would further bring or reduce the prices of products because there is not going to be short supply as it was experienced in the past days any longer,” Ikpaki stated.
”There is no need for panic buying because very soon we strongly believe that things will return to normalcy. Coming from the reassurance by the United States government, by guiding the vessels, the oil tankers sailing through the Strait of Hormuz, ” he added.
