The leadership of the Independent Petroleum Marketers Association of Nigeria, IPMAN, has hailed the President Muhammadu Buhari-led government’s decision to review downward the pump price of the Premium Motor Spirit, PMS, from N145 to N130.

In a recent statement signed by the association’s national president, Abubakar Fari, IPMAN revealed that the development will help to decrease the suffering of the poor.

According to him, the move will also help to alleviate the burden on the masses and Buhari should be appreciated for it.

He added that the Hon. Minister of State for Petroleum Resources, Chief Timipre Sylva should also be thanked for him quick advice to the federal government on the need to lower the price of PMS in line with the falling price of crude oil in the international market.

His words, “We are grateful to President Muhammadu Buharl for approving the reduction. It will help in alleviating some burden on the masses.

“We equally thank the Hon. Minister of State for Petroleum Resources, Chief Timipre Sylva for his prompt advice to federal government on the need to lower the price of PMS in line with the falling price of crude oil in the international market.

“We also express our profound gratitude to the Group Managing Director, GMD, of NNPC, Mele Kyari for his immediate response and directives to retailers.

“We shall abide by the new PMS price regime but we are only asking the federal government through the Department of Petroleum Resources, DPR, and other relevant agencies to allow independent marketers to exhaust their old stock at the shortest possible time to avert imminent collapse of our investment due to anticipated losses.

“We call on our members to continue to serve the public in the interest of the generality of the populace.”