IPMAN To Adjust Petrol Prices As Dangote Refinery Raises Depot Cost
IPMAN To Adjust Petrol Prices As Dangote Refinery Raises Depot Cost
The Independent Petroleum Marketers Association of Nigeria has said filling stations in the Federal Capital Territory will review their petrol pump prices in the coming days as new products 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 marketers were preparing to adjust their pricing and sales strategies in response to changes in the cost of petroleum products.
He, however, said the exact timing of the adjustment remained uncertain because marketers were yet to receive a definite date for the arrival of the new products.
“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” he said.
He added that purchases could commence within the next few days, depending on when the process officially begins.
“The purchases can begin in few days, depending on when the process officially commences,” Ukadike said.
He assured that the adjustments would be made in line with existing rules and regulations.
The development follows a series of adjustments to the gantry, or ex-depot, price of Premium Motor Spirit by the Dangote Refinery.
According to the News Agency of Nigeria, the refinery raised its petrol ex-depot price from N1,165 per litre to N1,185, then N1,200 and subsequently N1,265 within the last week.
The latest adjustment represented a N65 per litre increase from the previous N1,200 price and has already been reflected in pump prices at several filling stations across the FCT.
Checks in Abuja had shown different filling stations adjusting their prices, with some outlets selling petrol above N1,300 per litre.
IPMAN had previously explained that marketers could not continue selling petrol below their replacement cost, particularly amid frequent changes in the cost of replenishing their stocks.
The frequent price movements have raised concerns among motorists, who have urged the Federal Government to take steps to stabilise petrol prices.
The impact extends beyond motorists, as higher petrol prices could increase transportation and operating costs for households and businesses, potentially putting additional pressure on the prices of goods and services.
IPMAN’s latest position indicates that further price adjustments could occur once marketers begin taking delivery of new products, with the final pump prices expected to vary depending on supply costs, transportation and other distribution expenses.
Meanwhile, the price changes have continued to generate debate because they occurred alongside a decline in international crude oil prices in the period under review.
The development underscores the sensitivity of Nigeria’s downstream petroleum market to changes in product acquisition and replacement costs, even as consumers continue to monitor pump prices across the country.
