The Independent Petroleum Marketers Association of Nigeria (IPMAN) has predicted a potential drop in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming days.
This stems from the recent influx of PMS imports by the Nigerian National Petroleum Company (NNPC).
IPMAN’s National Public Relations Officer, Ukadike Chinedu, confirmed this development on Saturday, stating, “Once the products start hitting filling stations, fuel price will reduce because the recent high cost was due to supply drop.”
This anticipated price reduction aligns with the confirmation from the Nigerian Ports Authority (NPA) regarding the arrival of 18 ships carrying fuel and other essential goods at the Lagos port.
Just days ago, IPMAN and NNPCL countered each other over the underlying cause of the resurgence of fuel queues in some areas of the country. While IPMAN attributed the scarcity to fuel supply shortages, NNPCL insisted that it was the result of a ‘price war’.
Meanwhile, Long queues for petrol resurfaced in Abuja and environs yesterday, amidst speculations about a possible pump price increase.
LEADERSHIP checks revealed that many independent marketers’ stations have already raised the price of premium motor spirit (PMS) popularly called petrol, to as much as N650 per litre, thereby heightening the price difference between the and major marketers including the Nigerian National Petroleum Company (NNPC) Limited which are still selling petrol at N617 and N613 per litre respectively.
With the huge price difference, motorists thronged the filling stations still selling petrol at the old prices, especially NNPC retail stations, thereby resulting in long queues.
The NNPC has however, allayed fears of a possible scarcity of petrol in the country.
Responding to LEADERSHIP enquiry, chief corporate communications officer of the company, Olufemi Soneye said the current situation is due the price difference in the filling stations.
“The recent tightness in Abuja is essentially a price war which is typical of any competitive market. Motorists would rather queue at filling stations that offer lower prices than others. Whilst NNPC Retail is selling at N613 in Abuja, other marketers’ prices range from N625-N650,” Soneye explained to LEADERSHIP.