Dangote Refinery announced a N25 per litre reduction in its gantry price to N1,325 per litre on Monday. However, checks made by newsmen in Abuja on Tuesday showed that some filling stations had yet to adjust their petrol prices, leaving motorists to pay higher rates. MRS retail outlets were still selling petrol at N1,395 per litre, while NIPCO outlets sold at N1,430 per litre.
The latest reduction comes as international crude oil prices retreat. Brent crude was trading at 100.40 dollars per barrel, down 3.34 per cent, while West Texas Intermediate (WTI) stood at 90.40 dollars per barrel, down 3.83 per cent, at the latest trading. This development had led to expectations that petrol prices at the pump would also decrease.
Motorists expressed concerns that they were already grappling with rising food, transportation and household expenses, saying the high petrol prices represent another unwelcome strain. Mr. Olusegun Shokoya, a motorist in Gwarinpa, said he purchased petrol at N1,430 per litre and that the persistent increase in fuel prices was putting growing financial pressure on families.
Mr. Mohamed Hamzat, who bought petrol at N1,430 per litre in Dutse, said the impact of the increase goes beyond the cost of fuelling his vehicle. He stated that the high cost of things in the market was making it difficult for him to feed his children three times a day. Traders also complain that the increase in fuel prices was affecting their businesses.
Another motorist, Mr. Chigozie Ugwu, described the situation as unbearable, saying many households are struggling to cope with the ripple effects of rising fuel costs. He said the concern was particularly strong among motorists who depended on their vehicles for their daily activities.
Mrs. Shotayo Aliyu, a commuter, said her fear was that every increase in the pump price of petrol would eventually translate into higher transport fares and more expensive goods. She stated that the rising cost of petrol would inevitably push up food prices as traders sought to recover increased transportation expenses.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, had earlier said stakeholders would not rule out the possibility of a reduction in petrol prices. Meanwhile, Mr. Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the volatility in international crude oil prices remained a major challenge for independent petroleum products marketers.
Key points
- Motorists and commuters in Nigeria's Federal Capital Territory decry failure of petrol stations to reduce prices following Dangote Refinery's N25 per litre price cut.
- The price reduction by Dangote Refinery comes as international crude oil prices retreat.
- Motorists and marketers are urging the Federal Government to intervene and stabilise fuel prices to ease the economic burden on Nigerians.
