Petrol prices crash at depots amid low demand

Amidst speculations of a rise to N700 per litre of the monthrivate Premium Motor Spirit (PMS),The Independent Petroleum Marketers Association of Nigeria (IPMAN) has denies plan by the association to increase the pump price of petrol to N700 per litre this month.

On the contrary, (IPMAN) confirmed that private depots crashed their prices to between N495 and N496 per litre from between N502 and N503 per litre.

The Nigerian National Petroleum Company Limited (NNPCL) depot however retained its N479.6/litre price.

National Vice President, Alhaji Abubakar Maigandi, said that the crash in prices stemmed from low demand for fuel.

He said the high prices caused by the new foreign exchange policy were beyond the means of customers.

He also said private petrol depots are reducing the prices compared to last week’s and now selling at the rate of N495 to N496/litre.

He urged importers of the product to expedite action, noting that there has been no fresh stocking since the removal of subsidy because Nobody has imported petrol since the removal of subsidy. Even NNPC did not import.