Marketers Plot Fuel Price Slash
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says filling stations would soon adjust the prices displayed on their dispense meters downwards in the next few days.
The administration of President Muhammadu Buhari (May 2015 to May 2023) inherited a pump price of Premium Motor Spirit (petrol) from ₦87 per litre and raised it to ₦210 per litre by the time he handed over power.
Nigeria’s current main supplier, Dangote Refinery has regularly increased its gantry price, or ex-depot price, and fuel currently sells for between N1,250 to N1,500 nationwide.
Disclosing the price-slashing plan, the National Publicity Secretary of IPMAN, Mr Chinedu Ukadike, told NAN on Thursday in Abuja that marketers were preparing to adjust their pricing and sales strategies when the new products entered the market.
Many motorists expressed concerns over the current high pump prices and urged the Federal Government to urgently intervene by stabilising fuel prices.
Ukadike said the arrival of the new products could bring changes to the current market.
According to him, marketers would make necessary adjustments to ensure that consumers could continue to purchase the products they needed.
He said the timing of the arrival of the new products remained uncertain, as marketers had yet to have a definite date.
Ukadike 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.
“The purchases can begin in few days, depending on when the process officially commences.”
He said the development was expected to bring further changes to the market as filling stations adjust their prices and make the new products available to consumers.
