Depot Petrol Prices Drop Amid Low Demand

The price of Premium Motor Spirit (PMS) at private depots during the weekend dropped from N502 to N503 per litre to N495 – N496 per litre, according to information obtained by Waffi TV

This occurred amidst speculation that petrol prices may rise in July due to the recent devaluation of the exchange rate. The Nigerian National Petroleum Company Limited (NNPCL) depot, however, maintained a price of N479.6 per litre.

Alhaji Abubakar Maigandi, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), relayed this news to The Nation over the phone. He explained that the decrease in price was a result of decreased demand for the product.

Expressing concern about the decline in demand for PMS, Maigandi noted that customers, particularly civil servants, were finding it challenging to cope with the new rates.

According to him: “They are even reducing the price compared to last week. “They are selling at the rate of N495 to N496/ litre. You know it reached N502 to N503/litre. 

“In Lagos most of the depots in Lagos that is what they are selling. NNPC is maintaining its old rate N479.6/litre.

“There is no much market because people, especially the civil servants, are complaining there is no money.”

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