The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that filling stations across Abuja will begin adjusting petrol pump prices downward in the next few days.
IPMAN’s spokesman, Chinedu Ukadike, said this in an interview 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 change the current market. He added that marketers would make necessary adjustments to ensure consumers could continue to buy the products they need.
He said the timing of the new products’ arrival remained uncertain, as marketers have yet to set a definite date. According to him, the process will follow 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, or ex-depot price, from N1,165 per litre to N1,185 per litre, then to N1,200 and N1,265 within the last week.
The increase has been reflected in pump prices across filling stations in Abuja.
Many motorists expressed concerns over the high pump prices and urged the federal government to intervene by stabilising fuel prices urgently.