According to Bashir Ahmad Danmalam, the Chairman of the Independent Petroleum Marketers Association of Nigeria, Northern Nigeria, the cost of petroleum products has dropped at depots across Nigeria.
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This decrease has brought relief to consumers, but it also highlights their financial difficulties.
Danmalam attributes the current price drop to a decline in consumer demand due to the lack of purchasing power and the onset of the rainy season, resulting in a decrease in fuel consumption.
The Chairman predicts that prices will continue to fall throughout Nigeria, affecting various regions.
In addition, Danmalam refutes speculation that petroleum prices could reach 700 Naira, stating that it could only occur if there was a scarcity of foreign exchange, which is not evident at present.
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