The Independent Petroleum Marketers Association of Nigeria (IPMAN) says petrol prices are expected to decline at filling stations across the Federal Capital Territory (FCT), Lagos and other states within the next few days as new products enter the market.
IPMAN National Publicity Secretary, Chinedu Ukadike, disclosed this on Thursday in Abuja during an interview with the News Agency of Nigeria (NAN).
Ukadike said marketers were preparing to review their pricing and sales strategies once the new petrol products begin arriving, adding that the exact timing remained uncertain because marketers had yet to receive a definite date.
He said marketers would adjust their prices in line with prevailing market conditions and existing regulations.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” Ukadike said.
He added that purchases could begin within a few days of the commencement of the process, after which marketers would adjust their pump prices and make the new products available to consumers.
The development comes amid recent increases in the price of Premium Motor Spirit (PMS) by the Dangote refinery.
The refinery raised its PMS gantry price by N65 per litre, from N1,200 to N1,265, effective August 29. The increase was the third price hike announced by the refinery within eight days and has since been reflected in pump prices at some filling stations.