Independent Petroleum Marketers Association of Nigeria, IPMAN, has said that the pump price of Premium Motor Spirit, known as petrol, may drop in the coming days following the availability of the products as a result of the massive imports of PMS by the Nigerian National Petroleum Company.
Ukadike Chinedu, the National Public Relations officer of IPMAN, disclosed this on Saturday.
“Once the products start hitting filling stations, fuel price will reduce because the recent high cost was due to supply drop,” he said.
Oil marketers stated on Saturday, November 18, 20023, that the price of petrol may drop across filling stations owned by independent marketers this week following the massive imports of PMS by the Nigerian Independent Petroleum Company Limited (NNPCL).
Feelers show that the recent hike in petrol prices at outlets owned by independent marketers was due to the short supply of the product, leading to profiteering by depot owners and filling stations.
However, operators in the downstream sector revealed that several cargoes imported by NNPCL arrived, some of which are currently discharging at the ports, reports said.
On Thursday, November 16, 2023, oil marketers said the emergence of queues at petrol stations was due to low supplies by NNPCL.
Petrol is sold for between N580 and N610 per liter at filling stations owned by NNPCL. Independent marketers sell the product at higher rates, with some selling as high as N670 per liter.
Ukadike, the IPMAN PRO, said that the essential thing now is that vessels carrying petrol have arrived and are discharging, so the partial scarcity being experienced will disappear. Per the IPMAN spokesperson, the Forex inflow during Christmas will not impact petrol prices but will boost imports by NNPCL, which is enough to reduce costs.