Motorists and commuters in the Federal Capital Territory have expressed frustration that petrol prices at several filling stations remain high despite a N25 per litre reduction announced by Dangote Refinery.
Checks by the News Agency of Nigeria on Tuesday showed that some filling stations in Abuja had yet to adjust their pump prices, with motorists still paying between N1,395 and N1,430 per litre.
The development came a day after Dangote Refinery announced a reduction in its gantry price from N1,350 to N1,325 per litre.
The latest reduction followed a sharp increase in petrol pump prices over the past two weeks, when prices rose to between N1,395 and N1,450 per litre in Abuja and other parts of the country.
NAN observed that MRS retail outlets were selling petrol at N1,395 per litre, while NIPCO and Mobil outlets sold at N1,430 per litre.
Conoil outlets sold at N1,410 per litre, while Total filling stations sold at N1,430 per litre.
The continued high prices have raised concerns among motorists and commuters already dealing with rising food, transportation and household expenses.
Mr Olusegun Shokoya, a motorist in Gwarinpa, said he purchased petrol at N1,430 per litre.
Shokoya said the persistent increase in fuel prices was putting growing financial pressure on families and making it increasingly difficult for many Nigerians to meet their basic needs.
Mr Mohamed Hamzat, who bought petrol at N1,430 per litre in Dutse, said the impact of high fuel prices extended beyond the cost of fuelling vehicles.
“I cannot feed my children three times a day because of the high cost of things in the market. Traders complain that it is because of the increase in fuel prices.
“We urge the Federal Government to urgently intervene by stabilising fuel prices,” he said.
Another motorist, Mr Chigozie Ugwu, described the situation as unbearable, saying many households were struggling to cope with the effects of rising fuel costs.
Ugwu said the concern was particularly strong among motorists who depended on their vehicles for their daily activities.
Mrs Shotayo Aliyu, a commuter, said she was concerned that increases in petrol prices would eventually translate into higher transport fares and more expensive goods.
She said rising petrol prices could push up food prices as traders sought to recover increased transportation costs.
Also Read: Petrol sells at N1,430 in Abuja after Dangote gantry hike
Aliyu said the additional costs would eventually be passed on to consumers, further reducing the purchasing power of households.
“The increase in fuel prices will continue to make foodstuffs more expensive because traders will want to recover transportation costs and make a profit,” she said.
She called on the Federal Government to intervene and stabilise fuel prices to ease the economic burden on Nigerians.
Meanwhile, 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.
Gillis-Harry made the comment during a consultation with the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Federal Competition and Consumer Protection Commission, and other stakeholders.
He said PETROAN and other stakeholders would place the interests of Nigerians first, but not to their detriment.
Mr Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, IPMAN, told NAN that volatility in international crude oil prices remained a major challenge for independent petroleum marketers.
Ukadike said changes in international crude oil prices would ultimately affect the prices of refined petroleum products in the global market.
He said the major challenge facing independent marketers was the volatility of the market, as many operators had purchased petroleum products before the latest decline in prices.
“Most of our members just bought some products a few weeks ago. They will continue to cushion the effect of the loss and also continue to find a way to be in business,” he said.
Ukadike said the situation was part of the realities of a deregulated market, where competition and market forces determine prices.
“That is the beauty of a free economy. That is the beauty of deregulation, where competition drives the market,” he said.
He, however, said marketers would continue to adjust to prevailing market conditions while seeking ways to remain competitive and sustain their businesses.
NAN
