The prices at private depots have dropped to a range of N495 to N496 per litre, down from the previous range of N502 to N503 per litre. Alhaji Abubakar Maigandi, the National Vice President, noted that the private petrol depots have even reduced prices compared to the previous week.
They are currently selling at a rate of N495 to N496 per litre, whereas it had reached N502 to N503 per litre before. This trend is observed in most depots in Lagos. On the other hand, the NNPC (Nigerian National Petroleum Corporation) is maintaining its old rate of N479.6 per litre. The demand for fuel has decreased significantly, as people, especially civil servants, are facing financial challenges.
Since the removal of subsidy, no one has imported petrol, not even the NNPC. We are still relying on the existing stock. However, there is a possibility of new stock arriving this month, otherwise, there might be a scarcity.
It is important to note that the slight reduction in price due to the decrease in demand is not a cause for celebration. Instead, we should be questioning why people are not coming to purchase fuel. The current prices are unaffordable for many individuals, leading to prolonged periods for filling stations to sell their existing stock.
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