The price of Premium Motor Spirit (PMS) has witnessed a decline, dropping from N502 to N503 per litre to a new range of N495 to N496 per litre.

This development was reported by The Nation on July 1, 2023.

Amid rumors of potential price surges in July due to the devaluation of the exchange rate, private depots have played a significant role in crashing the prices.

The Nigerian National Petroleum Company Limited (NNPCL) depot, however, maintained its rate at N479.6 per litre.

Alhaji Abubakar Maigandi, the National Vice-President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), revealed this information during a phone conversation with The Nation.

He attributed the drop in prices to a decrease in demand for the product.

Maigandi expressed concern over the decline in demand, particularly among civil servants who struggle to cope with the new rates.

He stated, “They are even reducing the price compared to last week. They are selling at the rate of N495 to N496 per litre, whereas it reached N502 to N503 per litre previously. This is the prevailing situation in most depots in Lagos. However, NNPC is maintaining its previous rate of N479.6 per litre.”

He urged product importers to expedite the supply process, noting that there has been no fresh stock since the removal of subsidies.

Maigandi cautioned suppliers against allowing their stock to deplete, stating that vessels carrying petrol are expected to arrive in July.

Highlighting the current consumption trends, the major oil marketers of Nigeria reported a 20% reduction in PMS usage, which dropped from 66 million litres per day to just over 40 million litres per day.

Clement Isong, the Executive Secretary of the organization, attributed this decline to lifestyle adjustments necessitated by the increased rates.