NewStats: 3,262,255 , 8,176,632 topics. Date: Sunday, 01 June 2025 at 03:52 PM 2z1t6b

Private depots at the weekend crashed the price of Motor Spirit (PMS) to N495 – N496 per litre from N502 to N503/litre, The Nation has learnt.

The development came amid rumour that the prices of petrol may soar in July owing to the recently devalued exchange rate.

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

Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President, Alhaji Abubakar Maigandi broke the news to The Nation on phone.

He attributed the decline in price to low demand for the product.

Lamenting the crash in demand for the PMS, he said customers, especially civil servants cannot 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.”

He urged importers of the product to hasten the supply, noting that there has been no fresh stocking since the removal of subsidy.

Maigandi, who said vessels of petrol may arrive in July, warned the suppliers not to allow their stock to dry up at any time.

The National Vice President 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 it may create scarcity.

“The government should not allow the fuel to get scarce. They should ensure they bring new stock. That is what we are expecting.”

The major oil marketers of Nigeria recently said consumption of PMS has reduced by 20% from 66 million litre/day to just over 40 ml/d.

Its Executive Secretary, Clement Isong, said adjustment of lifestyle due to increased rates was able for the decline in demand.

https://thenationonlineng.net/petrol-price-crashes-at-depots-amid-low-demand/

E never crash reach my side oo

The fuel even finishes much faster these days. Some sellers are altering it.

Until we know how much we consume, the marketers and the government are all criminals.

The Nation, useless propaganda tissue paper

in short, you made money selling old stock at new price and this eediot is publicly declaring his criminal act, he should be arrested for making such condemnable statement
and he's succinctly telling nigerians to brace up for another scarcity with the new pump price
when shall we get things rite

Hmmm

Dey play

This is the expected outcome. Demand is at an all-time low, prices may crash if the trends continue. It's all about purchasing power and the scale of preference, now scale of neccesity in Nigeria.

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

Eod

I was expecting to see #200

They should returned it to where they met it in 2015. Rubbish

Market forces of demand and supply have set in.
Check my signature for free stuffs!

This news is from an interested party , the nation newspaper,so it should be treated with a pinch of salt

Dotherightthing:
True!

I bought fuel cheaper yesterday (

Mr.Linus

We're getting there.

honestivo:
This news is from an interested party , the nation newspaper,so it should be treated with a pinch of salt

No be only salt, na maggi

No body has imported petrol since subsidy was removed. In other words you 're selling subsidised petrol to nigerians at 500 naira.

People have adjusted to gas. I think the fuel prices might get even lower

It should continue to get lower.

Low demand = push down in price

To those who can't read. No petrol has been imported since petrol subsidy was removed.
Wait till August-September

I bought 35k fuel This morning in Port Harcourt Elelenwo Axis N520/liter.

Parachoco:
E go still fall below 40 million litre/day

Children Of Hate and Bitterness go tell us how the Price of Fuel will be sold for 1k per liter in July

Your suffer never start

It's children of hate that is removing all subsidies abi?

dre11:



https://thenationonlineng.net/petrol-price-crashes-at-depots-amid-low-demand/

Nlfpmod

Petrol price crash..... where?

Then I realised that the news is coming from The Nation Lagos-Ibadan expressway propaganda newspaper

Any news coming from their staples should be taken with a pinch of salt.... it's all propaganda

JigsawKillah:
Until we know how much we consume, the marketers and the government are all criminals.

At moment it is rocket science to know how much Nigeria consumes

No accurate stats, just estimations here and there

HenryTimes:


Mr.Linus

Be doubting ooo. Fuel is cheap in some selected filling stations. Just go with your Ronu card to enjoy this

If I see people writing on this forum with the quote (Children of hate) when it comes to our nation's affairs I begin to imagine are we as a people living in different country because me I'm experiencing more hardship in this present istration than previous one why would someone with a functioning brain and also having same experience with me would keen in defending this istration whenever someone stand to protest the current situation in the country!!! Nawa oooo

maticar:

Your suffer never start

It's children of hate that is removing all subsidies abi?

Nigerians are prepared for this temporary hardship

We will Suffer Today and Enjoy Tomorrow

That seems to suggest that a large percentage of the fuel usage in the country were for our neighbors

9jatriot:
That seems to suggest that a large percentage of the fuel usage in the country were for our neighbors

No. It suggests that Nigerians are getting poorer. Purchasing power has reduced