The Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted that petroleum product filling stations in the Federal Capital Territory (FCT) will begin adjusting petrol pump prices downward within the next few days.
The National Publicity Secretary of IPMAN, Chinedu Ukadike, who gave this hint during an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja, said that oil marketers would adjust their pricing and sales strategies when the new products are delivered to their outlets within the next few days.
According to him, the arrival of the new products would enable the marketers to make necessary adjustments to their pump prices and ensure that consumers could purchase the products at cheaper prices
Ukadike, who was not certain of the timing of the delivery of the new products to the FCT market, assured that the delivery process would be guided by existing downstream market rules and regulations.
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He explained: “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’, the marketer added.
It would be recalled that Dangote Refinery had in the past week adjusted 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.
As expected, the price increase has been reflected in pump prices across filling stations in the FCT, with motorists lamenting over the high pump prices and urging the government to help in stabilising fuel prices.
