Key Points
- IPMAN says FCT filling stations are preparing to reduce petrol pump prices.
- Marketers will review prices once new products begin entering the market.
- The timing of the expected price adjustment remains uncertain.
Main Story
Filling stations across the Federal Capital Territory (FCT) are expected to begin reducing petrol pump prices within the next few days as new products enter the market, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has said.
IPMAN National Publicity Secretary, Mr Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.
Ukadike said marketers were preparing to review their pricing and sales strategies once the new products became available.
He said the adjustments would depend on when the new products officially began arriving, adding that marketers did not yet have a definite date for the commencement of the process.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said.
Ukadike said marketers could begin making purchases within a few days, depending on when the process commenced, after which filling stations would adjust their prices and make the new products available to consumers.
He said the process would be carried out in line with existing rules and regulations.
The Issues
The expected price adjustment comes after recent increases in the ex-depot price of petrol supplied by Dangote Refinery.
Media reports show that the refinery raised its gantry price from N1,165 per litre to N1,185 per litre and subsequently to N1,200 and N1,265 within one week.
The increases were reflected in petrol pump prices across filling stations in the FCT, prompting concerns among motorists.
The latest development means consumers are now waiting to see whether the expected arrival of new products will translate into lower retail prices.
What’s Being Said
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings.” – Chinedu Ukadike, IPMAN National Publicity Secretary.
“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.” – Chinedu Ukadike, IPMAN National Publicity Secretary.
What’s Next
IPMAN said marketers would review their prices and product offerings once purchases of the new products begin.
However, Ukadike said the exact timing remained uncertain because marketers were yet to receive a definite date for the commencement of the process.
Meanwhile, motorists have urged the Federal Government to intervene and stabilise petrol prices following the recent increases.
Bottom Line
IPMAN expects petrol pump prices in the FCT to fall once new products begin entering the market, but the timing of the adjustment is still unclear. The expected reduction follows a week of increases in Dangote Refinery’s ex-depot petrol price.
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