The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said filling stations across the Federal Capital Territory (FCT) are expected to begin reducing petrol pump prices in the coming days.
IPMAN National Publicity Secretary, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.
Ukadike explained that marketers were preparing to review their pricing and sales strategies as new petroleum products begin to enter the market.
He said the development could trigger further changes in the downstream petroleum market, with marketers expected to adjust their prices and product offerings in line with prevailing regulations.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said.
Ukadike, however, noted that the exact timing remained uncertain, as marketers had yet to receive a definite date for when the process would officially commence.
“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 added.
The expected price adjustment comes amid recent increases in the ex-depot price of petrol supplied by the Dangote Refinery.
NAN reports that the refinery raised its gantry price from N1,165 per litre to N1,185 per litre, before further increases to N1,200 and N1,265 per litre within the past week.
The increases have subsequently been reflected in petrol pump prices across several filling stations in the FCT.
The rising prices have sparked concerns among motorists, who have called on the Federal Government to take urgent steps to stabilise the cost of petrol and ease the impact on consumers.
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