The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged Nigerian to avoid panic buying as there is enough fuel in the country.

Mr Ukadike Chinedu, IPMAN Publicity Secretary, said this on Sunday in Abuja.

He commended the Dangote Petroleum Refinery for reducing the price of its Premium Motor Spirit (PMS), also known as petrol, to N899.50k per litre.

He said that the gesture would help reduce transport costs for Nigerians ahead of Yuletide holidays.

" You see, that is the beauty of deregulation. Prices are determined by market forces.

" With the Dangote and Federal Government refineries by the corner, this will bring competitive prices," Chinedu said.

He urged all IPMAN members to adjust their pump to the new pump price to attract more customers.

"We have started ordering on the new price, and even some of our members have already started adjusting their pumps lower to be able to have faster sales.

"If your price is higher, nobody will buy from you.

"You will even find out now that those queues that you normally see in NNPC filling stations have all reduced because most marketers are almost selling the same thing with them," he said.

The News Agency of Nigeria (NAN) recalls that the Dangote Refinery had lowered its petrol price to N970 per litre in November. (NAN)