Former President Muhammadu Buhari’s aide has indicated that the price of Premium Motor Spirit (PMS), commonly known as fuel, is likely to be reduced in the near future. In a brief post on his official X (formerly Twitter) page on Tuesday, he maade the announcement, sparking widespread discussions among Nigerians concerned about the high cost of fuel.
“The price of PMS is likely to be slashed,” he tweeted, though he did not provide specific details on the timeline or the extent of the price reduction. The tweet has fueled optimism that the government might be taking steps to ease the financial burden on Nigerians, who have been grappling with rising fuel prices in recent months.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has since weighed in on the matter, confirming that Nigerians will learn the new fuel pump price by Wednesday. This statement comes after IPMAN’s meeting with officials from Dangote Refinery, one of the country’s major fuel producers. IPMAN revealed that negotiations are still ongoing with Dangote Refinery regarding the pricing strategy, which could be a pivotal factor in determining the final price reduction.
In a follow-up statement, IPMAN emphasized that it had resolved all other issues during a meeting with Dangote Refinery on Monday. The association is hopeful that these discussions will lead to an agreement that benefits Nigerian consumers, particularly in light of the ongoing fuel price concerns.
“We have resolved every other issue during our meeting with Dangote Refinery,” an IPMAN spokesperson stated. “We are optimistic that Nigerians will soon feel the impact of these discussions within the coming days.” This assurance is expected to bring some relief to Nigerians, who have seen fuel prices steadily climb due to both global and domestic factors.
The ongoing negotiations between IPMAN and Dangote Refinery are part of efforts to stabilize the Nigerian fuel market, which has experienced price volatility following the removal of fuel subsidies earlier this year. The removal led to significant price hikes, prompting public outcry and concerns about affordability, especially among lower-income Nigerians.
As the situation develops, all eyes will be on the fuel pricing announcement scheduled for Wednesday, which could mark a turning point for many Nigerians facing the economic impact of high fuel prices.
