IPMAN to Review Petrol Prices in Federal Capital Territory

The Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that filling stations in the Federal Capital Territory will review petrol pump prices in the coming days. National Publicity Secretary Chinedu Ukadike stated that marketers are preparing to adjust pricing and sales strategies to coincide with the arrival of new petrol products, though a definite delivery date has not been established.

While initial reports indicated a general review, subsequent updates suggested a potential reduction in pump prices once the official purchase process commences. This planned adjustment follows a period of significant volatility driven by the Dangote Petroleum Refinery & Petrochemicals Fze, which implemented three price hikes in eight days. The refinery increased its gantry price from N1,165 per litre to N1,265 effective August 29, a total increase of N65 per litre.

These refinery increases have already impacted pump prices across the region, prompting motorists to call for Federal Government intervention to stabilize fuel costs. Marketers intend to respond quickly by updating product offerings and prices as soon as new stock arrives in the market.