The price of petroleum products has plummeted at depots across Nigeria, causing relief for consumers but highlighting their financial strain. Bashir Ahmad Danmalam, Chairman of the Independent Petroleum Marketers Association of Nigeria, Northern Nigeria disclosed the development in an interview with BBC Hausa service, which was closely monitored by NIGERIAN TRACKER.
Danmalam attributed the drop in prices to a decline in consumer demand, as many individuals lacked the necessary purchasing power. Additionally, the ongoing rainy season has contributed to a decrease in fuel consumption. The Chairman further revealed that the depot price of petroleum products in Calabar and Wari had dropped to 498 Naira, and he predicted that prices would continue to decline, affecting various regions throughout the country.
In response to speculations that petroleum prices could skyrocket to 700 Naira, Danmalam categorically dismissed such claims, asserting that it would only be possible if there was a scarcity of foreign exchange. He emphasized that, currently, there is no indication of such a scarcity.
