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.
Chinedu Ukadike, national publicity secretary of IPMAN,
spoke during 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 as new petrol products enter the market.
He said the arrival of the products could trigger changes in
the current market, adding that marketers would make the necessary adjustments
to ensure consumers continue to purchase the products they need.
The IPMAN spokesperson said the exact timing of the
products’ arrival remains uncertain as marketers are 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,” Ukadike said.
“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 the development is expected to bring further changes
to the market as filling stations adjust their prices and make the new products
available to consumers.
The Dangote refinery increased its PMS gantry price by N65
per litre, from N1,200 to N1,265, effective August 29.
This marked the third price hike announced by the refinery
in eight days and has subsequently reflected in pump prices at filling
stations.
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