Fuel Price Drop Imminent as NNPCL Petrol Imports Hits Ports

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’.