News Investigators/ Some motorists in the Federal Capital Territory (FCT) have expressed concern over oil marketers’ failure to significantly reduce petrol pump prices in spite of a N35 per litre reduction in Dangote Refinery’s gantry price.
The refinery recently reduced its petrol gantry price from N1,250 to N1,215 per litre, representing another downward adjustment in the cost of petrol pump prices.
The development has continued to generate concerns among motorists and commuters in the FCT, who are calling on oil marketers to reflect the reduction in their retail prices.
Checks by the News Agency of Nigeria (NAN) on Sunday in Abuja showed that petrol prices at various filling stations still ranged between N1,385 and N1,420 per litre.
At AY Shafa retail outlet currently sold petrol at N1,399 per litre, Mabso retail outlet sold at N1,385 per litre, Empire Energy retail outlet sold at N1,420 per litre.
Also, Total retail outlet sold at N1,410 per litre and Rainoil retail outlet sold at N1,410 per litre.
Some motorists who spoke to NAN expressed the hope that the latest reduction in the refinery’s gantry price would translate into lower pump prices.
Mr Bala Usman, a motorist who resides at Mabuchi said the reduction in Dangote Refinery’s gantry price should result in a significant decrease in petrol prices at filling stations.
Usman called on oil marketers to pass the price reduction on to consumers.
He expressed concern over the continued impact of high fuel costs on household expenses and businesses.
Mr Adelaja Scott, a motorist who resides at Durumi, urged marketers to significantly reduce petrol prices.
Scott lamented over the rising cost of transportation and other essential expenses.
He said that lower petrol prices would help ease the financial burden on Nigerians.
Another motorist, Mr Ishiaku Baba, urged marketers to reflect the recent reduction in Dangote Refinery’s gantry price in their pump prices.
Baba said a reduction in petrol prices would provide relief to road users and other Nigerians.
He said that lower petrol prices would also help reduce transportation costs, particularly for commercial operators who depended heavily on fuel.
Mr Abubakar Waziri, a motorist who resides at Lokogoma, urged marketers to ensure that reductions in their procurement and operating costs were passed on to consumers.
Waziri also called on relevant stakeholders to ensure that consumers benefited from favourable market conditions.
Mr Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), told NAN that marketers would need to review their pricing arrangements.
Ukadike said marketers would also review their remittances in line with the new supply costs.
He said the reduction in petrol prices might take a few days to reflect at filling stations because marketers needed time to adjust to the new pricing structure.
He explained that a reduction in the gantry price did not automatically translate into an immediate drop in pump prices.
According to him, the adjustment will depend on when marketers receive new supplies at the revise rates.
“Some petroleum tankers carrying products purchased at previous prices are still on transit and must first arrive at their destinations and discharge their contents before marketers can begin adjusting pump prices.
“Refineries and marketers will need to review their pricing arrangements and remittances based on the new supply costs,” he said.
Ukadike said the process could take a few days before the new prices were fully reflected at filling stations.
NAN