The Independent Petroleum Marketers Association of Nigeria (IPMAN), Vice National President, Alhaji Abubakar Maigandi Monday forecast that following the nation’s exit from recession, the prices of the Premium Motor Spirit (PMS) also known as petrol will dip further very soon.
Speaking with The Nation on phone, he said that the economy will now improve for more people to buy and drive more car, which is bound to increase the turnover of some of the petrol stations and further attract more marketers to supply more and drag down the prices of petrol. His words: “Now that Nigeria is out of recession, more people will be able to buy cars and demand for petrol to drive them. The demand will attract petrol marketers to supply to a glut level that will further dip the pump prices.”
The forces of demand and supply and their inherent competition have already crashed the pump prices to N139 per litre in A.A. Rano on Kubwa expressway, Abuja, N140 per litre in Shema on the same road while other marketers sell for N142.
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