By Abubakar Yunusa
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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