IPMAN Signals Petrol Price Review Amid Rising Pump Prices

…As Association says filling stations may adjust prices in coming days

The Independent Petroleum Marketers Association of Nigeria has said that filling stations across the Federal Capital Territory will begin reviewing petrol pump prices in the coming days.

The National Publicity Secretary of IPMAN, Chinedu Ukadike, disclosed this in an interview with the News Agency of Nigeria on Thursday in Abuja.

Ukadike said marketers were preparing to review their prices and sales strategies as new petrol products enter the market.

He said the timing remained uncertain, as marketers had yet to receive a definite date for the products’ arrival.

“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.

Ukadike said the adjustments would be made in line with existing rules and regulations.

The development comes after Dangote Refinery increased its gantry, or ex-depot, price from N1,165 per litre to N1,185, N1,200 and N1,265 within the last week, according to NAN.

The increases have been reflected in petrol pump prices across filling stations in the FCT.

Many motorists have expressed concern over the rising pump prices and urged the Federal Government to intervene by stabilising fuel prices.

NAN