- Marketers say price adjustments will begin once new petrol products enter the market, but the arrival date remains uncertain.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says filling stations across the Federal Capital Territory (FCT) will begin reviewing petrol pump prices in the coming days as new products enter the market.
IPMAN National Publicity Secretary, 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, adding that the development could lead to changes in the current market.
He said marketers would make the necessary adjustments to ensure consumers continued to have access to petrol.
However, Ukadike said the timing remained uncertain because marketers had yet to receive a definite date for the arrival of the new products.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said.
“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 any price adjustments would be made in line with existing rules and regulations.
The development comes amid recent changes in the price of petrol supplied by the Dangote Refinery. According to NAN, the refinery increased its gantry, or ex-depot, price from ₦1,165 per litre to ₦1,185, ₦1,200 and then ₦1,265 within the past week.
The increases have subsequently been reflected in petrol pump prices at filling stations across the FCT, according to NAN.