Petrol marketers in the Federal Capital Territory are preparing to review pump prices in the coming days as new petroleum products are expected to enter the market, the Independent Petroleum Marketers Association of Nigeria has said.
The National Publicity Secretary of IPMAN, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria on Thursday in Abuja, saying marketers were already preparing to adjust their pricing and sales strategies in response to developments in the downstream petroleum market.
Ukadike, however, said the exact timing of the review remained uncertain because marketers had yet to receive a definite date for the arrival of the new products.
According to him, the adjustment would begin once marketers start purchasing the new supplies, with filling stations expected to respond promptly by reviewing their pump prices and making the products available to consumers.
“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,” he said.
He added that any adjustments by marketers would be carried out in accordance with existing rules and regulations governing the petroleum industry.
The announcement comes amid renewed movement in petrol prices following an increase in the gantry, or ex-depot, price of petrol by the Dangote Refinery.
According to NAN, the refinery raised its ex-depot price from N1,165 per litre to N1,185, N1,200 and subsequently N1,265 within the last week.
The changes at the depot level have had a direct impact on pump prices in the FCT, with several filling stations adjusting their retail prices as the cost of obtaining petrol increased.
For motorists and other consumers, the latest development has added to concerns over the continuing volatility of petrol prices, particularly as transportation and other household costs remain sensitive to changes in the price of fuel.
Some motorists in Abuja have expressed concern over the repeated adjustments, calling on the Federal Government to take measures to stabilise petrol prices and reduce the pressure on consumers.
The expected review by marketers is likely to further shape the price landscape across the FCT once the new petroleum products begin arriving and purchases commence.
IPMAN said the timing of the adjustment would ultimately depend on when the new supplies officially become available to marketers.