IPMAN SET TO REVIEW PETROL PRICES

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AGENCY REPORT

The Independent Petroleum Marketers Association of Nigeria has announced plans to review petrol pump prices across filling stations in the Federal Capital Territory in the coming days.

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

Ukadike said petroleum marketers were preparing to adjust their prices and sales strategies following the expected arrival of new petrol products in the market.

According to him, the exact timing of the review remains uncertain as marketers are yet to receive a confirmed date for the arrival of the products.

He explained that once the new products begin arriving, marketers would respond by reviewing their 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,” Ukadike said.

He added that the adjustments would be carried out in accordance with existing rules and regulations.

The development follows a recent increase in the ex-depot price of petrol by Dangote Refinery, which reportedly rose from N1,165 per litre to N1,185, N1,200 and N1,265 within a week.

The price increases have subsequently been reflected in pump prices at several filling stations across the FCT, prompting concerns among motorists.

Some motorists have called on the Federal Government to intervene and take measures to stabilise petrol prices.