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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said filling stations in the Federal Capital Territory (FCT) will reduce their petrol pump prices in the coming days.
IPMAN National Publicity Secretary, Chinedu Ukadike, said in an interview with the News Agency of Nigeria (NAN) that marketers are preparing to adjust their pricing and sales strategies as new products enter the market.
Ukadike said the arrival of the products could alter the current market, adding that marketers would make the necessary adjustments to ensure consumers could continue to access the products they need.
“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 the development is likely to trigger further market changes as filling stations adjust prices and make the new products available to consumers.
Dangote Refinery raised its gantry, or ex-depot, price from N1,165 to N1,185 per litre before increasing it further to N1,200 and N1,265 over the past week.
The increases have been reflected in pump prices at various filling stations across the FCT.
Many motorists have expressed concern over the rising pump prices and called on the Nigerian Government to intervene to stabilise fuel prices.
