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Private petrol depots in Lagos have reduced their prices compared to last week, selling petrol at a rate of N495 to N496 per litre, down from N502 to N503 per litre.
The Nigerian National Petroleum Corporation (NNPC) is maintaining its old rate of N479.6 per litre.
The reduction in prices is attributed to low demand, as people, especially civil servants, are complaining about a lack of money.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) denied rumors of a plan to increase the pump price of petrol to N700 per litre nationwide and urged Nigerians not to engage in panic buying.
IPMAN Chairman in the Southwest, Alhaji Dele Tajudeen, assured the public that the price of petrol would not exceed its current rate.
He attributed the slight increase in pump price to transportation costs and stated that petrol would still be affordable for the masses.
The Major Oil Marketers of Nigeria reported a 20% reduction in petrol consumption, from 66 million litres per day to just over 40 million litres per day, due to adjustments in lifestyle and increased rates.
