The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that petrol prices may begin to fall at filling stations across the Federal Capital Territory (FCT) within the coming days.
IPMAN National Publicity Secretary, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Thursday.
Ukadike said petroleum marketers were preparing to review their pump prices and sales strategies once new supplies begin to enter the market.
According to him, the expected arrival of fresh products could influence the current market situation and lead to adjustments in petrol prices.
He explained that the exact timing of the price reduction would depend on when the new supplies become available, adding that marketers were yet to receive a definite date.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” Ukadike said.
He added that marketers could begin purchasing the new supplies within the next few days, depending on when the process officially starts.
The IPMAN spokesman said the pricing adjustments would be carried out in line with existing regulations governing petroleum products.
The development comes after Dangote Refinery reportedly increased its gantry, or ex-depot, petrol price from N1,165 per litre to N1,185, before further increases to N1,200 and N1,265 per litre within the past week.
The increases have subsequently affected petrol pump prices at several filling stations across the FCT.
The rising cost has generated concern among motorists, with many calling on the Federal Government to take measures to stabilise petrol prices and reduce the pressure on consumers.
IPMAN, however, expressed optimism that the arrival of new supplies could bring some changes to the market, including possible downward adjustments in pump prices.
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