The Independent Petroleum Marketers Association of Nigeria (IPMAN) says petrol prices at filling stations across the Federal Capital Territory (FCT) are expected to drop in the coming days as marketers prepare to adjust their prices.
IPMAN National Publicity Secretary, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.
Ukadike said marketers were preparing to review their pricing and sales strategies once new petroleum products begin arriving in the market.
According to him, the arrival of the products is expected to trigger changes in the current market, with filling stations adjusting their prices and making the new products available to consumers.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said.
Ukadike added that marketers could begin making new purchases within the next few days, depending on when the process officially commences.
“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,” he said.
He, however, noted that there was no definite date yet for the arrival of the new products, saying marketers were still waiting for the process to officially commence.
He said all adjustments would be carried out in line with existing rules and regulations governing the petroleum market.
The expected price adjustment comes amid recent movements in the cost of petrol in the FCT.
NAN reports that Dangote Refinery increased its gantry, or ex-depot, price of petrol from ₦1,165 per litre to ₦1,185 per litre, before further increases to ₦1,200 and ₦1,265 per litre within the last week.
The increases have subsequently been reflected in pump prices across several filling stations in the FCT.
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.
However, IPMAN said the expected arrival of new products could lead to adjustments in the market and provide room for filling stations to review their current pump prices.
The association said marketers would respond to market conditions once the new products become available, with consumers expected to see the impact at filling stations in the coming days.
