Marketers Crash Petrol Prices at Depots Amid Low Demand
- Petrol prices have crashed at depots as low demand for the product persists
- Depot owners say they crashed the prices to between N495 and N496 per litre to between N502 to N503
- The move follows reports that a large consignment of petrol by NNPC and other oil marketers is due in Nigeria soon
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!
Private depots have crashed petrol prices despite speculations of an increase to N700 per litre in July.
Private depots crashed their prices to between N495 and N496 per litre from between N502 and N503.
Source: Getty Images
Depot owners give reasons for the crash in prices
The Nation report said the Nigerian National Petroleum Company Limited (NNPC) depot maintained its N49.6 per litre price.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
According to the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, the price crash is due to low demand for fuel.
Maigandi said the high prices caused by the new exchange rate policy were beyond customers’ means.
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 not much demand because people, especially civil servants, complain that there is no money.”
No new supplies since removal of subsidy as NNPC expect new consignment
The IPMAN Vice President urged importers of the product to expedite action, saying there had been no fresh stock since the subsidy was removed from petrol.
He said nobody imported fuel since the subsidy was removed, even the NNPC.
The development comes amid reports that large consignments of petrol being imported by oil marketers are due in Nigeria from the second week in July, which might further force down the prices of the commodity.
Punch reports that the crude oil refiners were currently releasing refined products on credit to dealers from Nigeria due to the exchange rate policy in the country, which enhanced operators’ confidence.
IPMAN said it would compete with the Major Oil Marketers Association of Nigeria (MOMAN), stating that the move would crash the petrol price.
N700 Per Litre: Independent Petroleum Marketers speak on another petrol price hike
Legit.ng reported that the Independent Petroleum Marketers Association of Nigeria (IPMAN) had refuted claims regarding their purported intention to raise the nationwide pump price of petrol to N700 per litre. Alhaji Dele Tajudeen disclosed this,
The Chairman of IPMAN Southwest Zone, while speaking with the News Agency of Nigeria (NAN) in Ibadan, Oyo State.
It would be recalled that in an earlier report, IPMAN's National Controller, Mike Osatuyi, had announced that Nigerians should expect the pump price of petrol to rise above N700 per litre, particularly in the Northern region starting from July.
Source: Legit.ng
