By Adeola Akinbobola
Some Abuja residents have commended the Dangote Petroleum Refinery for reducing the ex-depot price of Premium Motor Spirit, otherwise known as petrol, from N1,330 per litre to between N1,265 and N1,300 per litre.
The reduction came after nearly two weeks of fuel price increases driven by volatility in global crude oil prices.
The News Agency of Nigeria (NAN) reports that the development followed the refinery’s recent announcement of the free distribution of petrol across five states and the Federal Capital Territory (FCT).
The states are Lagos, Ogun, Rivers, Kaduna and Delta.
NAN recalls that gantry price stood at N1, 215 per litre, Brent crude traded at 84 dollars per barrel, while West Texas Intermediate (WTI) crude sold for 87 dollars per barrel.
Checks by NAN in the FCT on Monday showed that MRS filling stations have reduced their pump price by N40 per litre.
Similarly, independent marketers, including AA Rano filling stations in Abuja, had cut their pump price by N30, bringing it down to N1,300 per litre.
NAN also observed that Emedab, NIPCO and Sigmund depots sold petrol at between N1, 217 and N1,222 per litre.
However, stakeholders said in spite of the reductions, the lower petrol prices had yet to translate into lower transport fares, food prices and the general cost of living.
Mr Bare Oguntade, a civil servant, commended the price reduction but urged that the lower fuel costs should be reflected across the economy.
He called on the Federal Government to ensure that transport fares and food prices decline in line with the reduction to ease the high cost of living.
According to him, transport operators remain under severe financial pressure.
Mr Anthony Okere, a business owner, said government interventions were commendable, but noted that many small businesses still depended on petrol-powered generators because of unreliable electricity supply.
“Transport fares keep rising because fuel dominates our operating costs. Passengers complain yet operators are barely surviving,” he said.
Okere further said that only a fraction of transport operators had benefited from government-backed Compressed Natural Gas (CNG) initiatives.
Public affairs analyst, Mr Jide Ojo, said enough time had passed for the benefits of lower fuel supply costs to reach low income consumers.
According to him, savings from lower fuel prices should translate into tangible economic gains through reduced transportation costs, improved infrastructure and enhanced public welfare.
Ojo urged the federal government to engage marketers through dialogue to prevent future disruptions.
“I think it is only fair for the government to have a roundtable with them and persuade them because they have become a cartel of sorts,” he said.
Dr Aliyu Ilias, a development expert and customer experience management specialist, said transparency and active consumer participation would improve compliance with prevailing fuel prices.
According to him, this will also help regulators identify filling stations that fail to reflect legitimate price reductions.
Ilias said regulatory oversight would promote fair competition and ensure consumers benefited from lower fuel prices without unnecessary delays.
He commended the Federal Competition and Consumer Protection Commission (FCCPC), for its efforts to protect consumers and promote fair market practices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Ukadike, told NAN that fuel loading operations had commenced across depots.
Ukadike explained that loading was temporarily suspended to allow marketers and depot operators reconciled product volumes and issued tickets following the latest price review.
According to him, such temporary suspensions are routine whenever product prices are adjusted.
“When there is a price review, depot management suspends loading to reconcile the volumes and tickets already sold under the previous price before implementing the new one.
“So, they do not resume loading until the reconciliation process is completed,” he said.
Ukadike further said that the revised prices had taken effect and expressed optimism that loading operations had resumed fully.
He urged the federal government to focus on addressing the underlying challenges affecting the economy, adding that tackling the root causes was essential to achieving lasting solutions.
According to him, failure to address the underlying issues will make existing economic problems to persist.
(NAN)
