Some filling stations in Lagos State and other states in the South West have implemented a downward review in the price of Premium Motor Spirit (PMS), popularly known as petrol.
Though some shylock marketers derive joy in having maximum gains from their present stock by selling above N700.
On Ibadan – Ife Road on Wednesday 17 April 2024 a station near Ikire sold for N800 per litre.
Fuel in the filling stations in Ibadan had hitherto sold for between ₦640 and ₦660 per litre, but currently, the stations observed have reduced the price of petrol to ₦620.
The reduction in price is attributed to the strengthening of the Nigerian Naira against the US Dollar in recent weeks.
A fuel station manager who spoke to newsmen on the development said they were selling petrol at a cheaper price of ₦620 per litre because they got a new supply, which is cheaper than what they used to pay at the depot previously.
“For days, we have been closed and have just received our supply. Although other stations around us sell at N650, we are able to offer it at a cheaper rate because we just got a new supply which is less than what we paid previously,”
The Nigerian National Petroleum Company Limited (NNPCL) though has not officially announced any reduction in the price of petrol, its outlets have been selling s the product at N580 per litre.
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