The Independent Petroleum Marketers Association of Nigeria (IPMAN) says filling stations across the Federal Capital Territory (FCT) will begin adjusting petrol pump prices downward in the next few days.
IPMAN National Publicity Secretary, Mr Chinedu Ukadike, disclosed this in an interview on Thursday in Abuja.
Ukadike said marketers were preparing to adjust their pricing and sales strategies when the new products enter the market, adding that their arrival could bring changes to current market conditions.
He said marketers would make the necessary adjustments to ensure that consumers could continue to purchase the products they need.
According to him, the timing of the arrival of the new products remained uncertain, as marketers were yet to receive a definite date.
He said the process would be guided by existing rules and regulations.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings.
“After this process, when we make purchases tomorrow or the day after tomorrow, as soon as it starts, we will adjust our prices and begin making the new products available to consumers.
“The purchases can begin in a few days, depending on when the process officially commences,” he said.
Ukadike said the development was expected to bring further changes to the market as filling stations adjust their prices and make the new products available to consumers.
Dangote Refinery had increased its gantry price, or ex-depot price, from ₦1,165 per litre to ₦1,185 per litre, and subsequently to ₦1,200 and ₦1,265 within the last one week.
The increases had reflected in pump prices across filling stations in the FCT.
Many motorists expressed concerns over the high pump prices and urged the Federal Government to urgently intervene by stabilising fuel prices.
