Petrol Prices May Drop in Coming Days – IPMAN

The Independent Petroleum Marketers Association of Nigeria, IPMAN, says petrol prices at filling stations across the Federal Capital Territory, FCT, may begin to drop in the coming days as new supplies enter the market.

National Publicity Secretary of IPMAN, Chinedu Ukadike, disclosed this in an interview with newsmen, in Abuja on Thursday.

Ukadike said marketers were preparing to review their pricing and sales strategies once the new products become available.

He added that the development could trigger changes in the current market.

He, however, said the exact date for the arrival of the products remained uncertain, as marketers were yet to receive a definite timeline.

According to him, once supplies begin arriving, marketers will respond by reviewing their prices and making the products available to consumers in line with existing regulations.

He said purchases could begin within the next few days, depending on when the process officially commences.

The development comes amid recent increases in petrol prices following a rise in Dangote Refinery’s gantry, or ex-depot, price from N1,165 per litre to N1,185, N1,200 and subsequently N1,265 within the last week.

The increase has already been reflected in pump prices at several filling stations across the FCT.

The rising cost has sparked concerns among motorists, with many calling on the Federal Government to intervene and stabilise petrol prices.