IPMAN Plans Petrol Price Review

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said filling stations across the Federal Capital Territory may review petrol pump prices in the coming days as new supplies enter the market.

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 petroleum marketers were preparing to review their prices and sales strategies in response to changes in the market and the expected arrival of new petrol supplies.

He, however, said the exact timing of the price review remained uncertain because marketers had yet to receive a definite date for the arrival of the products.

He said, “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.”

Ukadike added that the purchases could begin within the next few days, depending on when the process officially commenced.

He said any adjustments by marketers would be made in line with existing rules and regulations.

The development followed a recent increase in the ex depot price of petrol by the Dangote Refinery, which reportedly raised its gantry price from N1,165 per litre to N1,185, N1,200 and N1,265 within one week, according to NAN.

The increases have reportedly been reflected in petrol pump prices at several filling stations across the Federal Capital Territory.

The development has sparked concerns among motorists, with many calling on the Federal Government to take measures to stabilise petrol prices and cushion the impact of rising fuel costs.