The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that petrol prices at filling stations across the Federal Capital Territory (FCT) are expected to drop in a few days as marketers prepare to adjust pump prices.
National Publicity Secretary of the Association, Mr. Chinedu Ukadike, who stated this in an interview with the News Agency of Nigeria (NAN) in Abuja, said marketers were preparing to review their pricing and sales strategies once new petroleum products begin to arrive the market.
Ukadike said the arrival of the products is expected to trigger changes in the current prices in the market which will force filling stations to adjust their prices and make the new products available to consumers.
According to IPMAN spokesperson: “Once the new products begin to arrive, marketers are expected to respond quickly by reviewing their prices and updating their product offerings”.
Ukadike further said that marketers could begin making new purchases within the next few days, depending on when the process officially commences, adding that after this process, members of IPMAN would commence purchases this weekend.
He said; “As soon as it starts, we will adjust our prices and begin making the new products available to consumers. There is however, no definite date yet for the arrival of the new products, Marketers are still waiting for the process to officially commence”.
Ukadike said all adjustments would be carried out in line with existing rules and regulations governing the petroleum market, saying that the expected price adjustment would come amid recent movements in the cost of petrol in the FCT.
Dangote Refinery increased its gantry or ex-depot, price of petrol from ₦1,165 per litre to ₦1,185 per litre, before another further increase to ₦1,200 and ₦1,265 per litre within last week.
Accordingly, the increases were reflected in pump prices across several filling stations in the nation’s capital even as the rising prices have sparked concerns among motorists, many of whom have called on the Federal Government to take urgent steps to stabilise petrol prices.
IPMAN assured that marketers would respond to market conditions once the new products become available, with consumers expected to experience the impact at filling stations in the coming days.
