By Afolayan Sunday
Motorists and consumers can expect relief at the pumps as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that filling stations will soon begin adjusting petrol pump prices downward.
The price adjustment, expected to roll out across the Federal Capital Territory (FCT) and other regions in the coming days, is tied to incoming supplies and shifting market conditions.
In an interview in Abuja, IPMAN National Publicity Secretary Mr. Chinedu Ukadike explained that petroleum marketers are actively preparing their pricing and sales strategies ahead of fresh product arrivals.
According to Ukadike, the influx of new products is anticipated to shake up the current pricing structure, prompting a swift response from retail station owners.
He further said that marketers would make necessary adjustments to ensure that consumers could continue to purchase the products they need.
He said the timing of the arrival of the new products remained uncertain, as marketers had yet to have a definite date.
According to him, the process will 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.
“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.
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.
The New Diplomat reports that Dangote Refinery increased its gantry price, or ex-depot price, from N1,165 per litre to N1,185 per litre, and subsequently to N1,200 and N1,265 within the last week.
The increase has been reflected in pump prices across filling stations in the FCT.
Many motorists expressed concerns over the high pump prices and urged the Federal Government to urgently intervene by stabilising fuel prices.
