Petrol consumers in the Federal Capital Territory may see lower pump prices in the coming days as independent petroleum marketers prepare to review their prices, according to the Independent Petroleum Marketers Association of Nigeria.
IPMAN National Publicity Secretary, Chinedu Ukadike, said marketers were preparing to adjust their prices once new supplies enter the market.
Speaking with the News Agency of Nigeria in Abuja, Ukadike explained that the timing of the price reduction would depend on when the new products become available and when marketers begin purchasing them.
He said retailers would respond quickly to changes in their acquisition costs by reviewing pump prices and making adjustments where necessary.
The expected reduction comes after a period of rising petrol prices across the FCT.
Recent increases in the ex-depot price of petrol by Dangote Refinery have pushed up the cost of the commodity at several filling stations.
The refinery reportedly raised its gantry price from N1,165 per litre to N1,185, before further increases took it to N1,200 and subsequently N1,265 per litre within a week.
The higher depot prices have been reflected in retail prices, leaving motorists to pay more for petrol at several outlets across Abuja.
However, IPMAN said the arrival of fresh products could alter the current pricing situation, with marketers expected to adjust their rates according to prevailing market conditions.
Ukadike said the association could not give a definite date for the expected changes because the arrival of the new supplies was still uncertain.
He added that marketers would comply with existing regulations while reviewing their prices and product offerings.
The prospect of cheaper petrol is likely to provide relief to motorists who have recently faced higher fuel costs.
Consumers have continued to call for measures to stabilise petrol prices as increases at filling stations raise transportation and other living costs.
The expected adjustment by marketers could therefore bring some relief if the new supplies enter the market at lower acquisition costs.
