Price Of Petrol In Nigeria May Crash From Next Week

There are indications the price of petroleum products may crash next week.

This was disclosed on Wednesday, August 6, by the Independent Petroleum Marketers association of Nigeria (IPMAN) Ilorin branch.

According to Daily Trust report, IPMAN members have been asked to dispose the products they have in stock to avoid loss when the price crashes.

The association chairman, Alhaji Sulaiman O. Olanrewaju during an emergency meeting to address the factional crisis rocking it for some time now, said members who fail to dispose their available products may suffer great loss as they are sure of how much the product will fall to.

Olanrewaju commended the government for their effort in reviving all petroleum depots in the country.

The IPMAN boss, however, lamented that they cannot sell the product they bought at N96 for N87.

He added that the price of petrol will soon go back to N87 in Ilorin as most feeling stations sell above the N87.

Before leaving office, former president, Goodluck Jonathan reduced the price of petrol from N97 to N87. But for some months now, Nigerians have been buying petroleum products above N87 pump price. Nigerians all over the country have been complaining that they have to buy petrol for N110 and above instead of N87 per litre.

The Department of Petroleum Resources had vowed to sanction depot owners and major marketers who sell petrol and kerosene above the official price.


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