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.
The National Publicity Secretary of IPMAN, Chinedu Ukadike, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.
Ukadike said that marketers were preparing to adjust their pricing and sales strategies when the new products enter the market.
He said the arrival of the new products could bring changes to the current market.
He further said that marketers would make necessary adjustments to ensure that consumers could continue to purchase the products they need.
He said the timing of the arrival of the new products remained uncertain, as marketers were yet have a definite date.
According to him, the process will 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 few days, depending on when the process officially commences,” he said.
He 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 increased its gantry price from N1,165 per litre to N1,185 per litre, and subsequently to N1,200 and N1,265 within the last one week.
The increase had reflected in pump prices across filling stations in the FCT.
Many motorists expressed concerns over the high pump prices, which have hovered around N1,350, and urged the Federal Government to urgently intervene by stabilising fuel prices. (NAN)
Marcus bears the light, and he beams it everywhere. He's a good governance and decent society advocate. He's The ICIR Reporter of the Year 2022 and has been the organisation's News Editor since September 2023. Contact him via email @ mfatunmole@icirnigeria.org