Petrol Prices crashed at Depots Amid Low Demand by Nigerians...

Petrol prices have crashed at depots as low demand for the product persists Depot owners say they crashed the prices to between N495 and N496 per litre to between N502 to N503 The move follows reports that a large consignment of petrol by NNPC and other oil marketers is due in Nigeria soon.

Maigandi said the high prices caused by the new exchange rate policy were beyond customers’ means. He said: “They (private petrol depots) are even reducing the prices compared to last week’s. “They are selling at the rate of N495 to N496/litre. You know it reached N502 to N503/litre. “In Lagos, most of the depots, that is what they are selling. NNPC is maintaining its old rate of N479.6/litre.