The Independent Petroleum Marketers Association of Nigeria (IPMAN) has indicated that the pump price of Premium Motor Spirit (PMS), commonly known as petrol, may see a decline in the coming days.
This projection follows the increased availability of petrol due to substantial imports by the Nigerian National Petroleum Company (NNPC).
Ukadike Chinedu, the National Public Relations Officer of IPMAN, shared this insight on Saturday, highlighting that the recent surge in fuel prices was primarily a result of a drop in supply.
He expressed optimism that with the influx of products to filling stations, consumers could expect a reduction in fuel prices.
This development coincides with the confirmation from the Nigerian Port Authority that 18 ships carrying fuel and other commodities have arrived at the Lagos port.
Just two days ago, IPMAN and the Nigerian National Petroleum Company Limited (NNPCL) were at odds over the cause of the re-emergence of fuel queues in various parts of the country, including Abuja, Nasarawa, and Niger. IPMAN attributed the scarcity to a shortage of fuel supply, while NNPCL attributed it to a ‘price war.’
As the imported fuel becomes available in the market, consumers may soon witness relief at the pumps with a potential drop in fuel prices.
