The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said filling stations across the Federal Capital Territory (FCT) will start reducing the prices of petrol in the next few days.
National publicity secretary of IPMAN, disclosed this during an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.
Ukadike stated that marketers were starting to review their pricing and sales strategies as new petrol products come into the market.
He noted that the arrival of the products could trigger changes in the current market, adding that marketers would make the necessary adjustments to ensure consumers continue to purchase the products they need.
The spokesperson of IPMAN stated that the exact timing of the products’ arrival is not uncertain as marketers are yet to get a precise date.
He stated that the process would 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,” Ukadike 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 few days, depending on when the process officially commences.”
He stated that the development is expected to bring further changes to the market as filling stations adjust their prices and make the new products available to consumers.
The Dangote refinery raised its PMS gantry price by N65 per litre, from N1,200 to N1,265, with effect from August 29.
