Private Premium Motor Spirit (PMS) depots have crashed the prices of fuel amidst speculations of a rise to N700 per litre this month.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier denied plan by the association to increase the pump price of petrol to N700 per litre this month.
On the contrary, it was confirmed that private depots crashed their prices to between N495 and N496 per litre from between N502 and N503 per litre.
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The Nigerian National Petroleum Company Limited (NNPCL) depot however retained its N479.6/litre price.
National Vice President, Abubakar Maigandi, said on the phone 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 said: “They (private petrol depots) are even reducing the prices compared to last week’s.
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, that is what they are selling. NNPC is maintaining its old rate of N479.6/litre.
“There is no much demand because people, especially civil servants, are complaining that there is no money.”
He urged importers of the product to expedite action, noting that there has been no fresh stocking since the removal of subsidy.
Continuing, Maigandi said: “Nobody has imported petrol since the removal of subsidy. Even NNPC did not import.
“We are all using the old stock. But I know probably this month there will be new stock. If not, there may be scarcity.”
(Nation)
