The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to review petrol pump prices in the Federal Capital Territory as new petroleum products begin to enter the market in the coming days.
The National Publicity Secretary of IPMAN, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria in Abuja on Thursday, saying marketers were preparing to adjust their prices and sales strategies once the new products became available.
Ukadike, however, said the exact timing of the review could not yet be determined because marketers were still awaiting confirmation of when the new products would arrive.
He said the price adjustments would begin as soon as marketers commenced fresh purchases.
“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 a few days, depending on when the process officially commences,” he said.
Ukadike said any changes would be made in accordance with existing rules and regulations governing the downstream petroleum sector.
The planned review comes amid recent increases in the ex-depot price of petrol by the Dangote Refinery, which reportedly raised its gantry price from N1,165 per litre to N1,185, N1,200 and subsequently N1,265 within one week.
The successive increases have already triggered corresponding adjustments in petrol pump prices across several filling stations in the FCT, further increasing the cost burden on motorists.
With marketers now preparing to make fresh purchases as new products enter the market, motorists could face further changes in pump prices in the coming days.
The development has heightened concerns among motorists, many of whom have called on the Federal Government to take steps to stabilise petrol prices and prevent further increases from worsening transportation and living costs.
