THE Independent Petroleum Marketers Association of Nigeria (IPMAN) says filling stations across the Federal Capital Territory (FCT) will begin reducing petrol pump prices in the next few days.
News Point Nigeria reports that the National Publicity Secretary of IPMAN, Chinedu Ukadike, disclosed this during an interview on Thursday in Abuja.
Ukadike said marketers were preparing to review their pricing and sales strategies as new petrol products enter the market, adding that the development could trigger changes in the current market.
He said marketers would make the necessary adjustments to ensure consumers continue to purchase the products they need, while noting that the exact timing of the products’ arrival remained uncertain as marketers were yet to receive a definite date.
According to him, the process would be guided by existing rules and regulations, with marketers expected to respond quickly once the new products begin arriving.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” Ukadike said.
He added, “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 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.
His comments come amid recent volatility in petrol prices, with filling stations across the FCT adjusting their pump prices following successive changes in the Dangote Refinery’s gantry price.
The Dangote Refinery increased its PMS gantry price by N65 per litre, from N1,200 to N1,265, effective August 29. The latest increase followed earlier adjustments that saw the refinery move its price from N1,165 to N1,185 and then N1,200 per litre.
The N65 increase marked the third price hike announced by the refinery in eight days and subsequently reflected in pump prices at filling stations, with some outlets in Abuja selling above N1,300 per litre.
The latest development is expected to provide some relief to motorists and other consumers if the anticipated downward review by marketers materialises in the coming days.