News Investigators/ Many motorists in the Federal Capital Territory (FCT) have called on fuel marketers to further reduce the price of Premium Motor Spirit (PMS), popularly known as petrol.
The motorists we’re reacting to the decline in oil prices globally.
Dangote Refinery recently reduced its gantry petrol price by N25 per litre, from N1,350 to N1,325, triggering a decline in retail pump prices in many filling stations across the country.
The News Agency of Nigeria (NAN) reports that Crude oil prices currently hover around 90 dollars per barrel for the U.S. benchmark West Texas Intermediate (WTI) and about 98 dollars per barrel for the international benchmark, Brent crude.
Checks by NAN in Abuja on Sunday showed that NNPC Ltd. fuel outlets and a few others had reduced their pump price by N25 per litre to N1,370 as against between #1,420 per litre and #1,450 per litre.
Similarly, MRS filling stations, which previously sold petrol at ₦1,395 per litre, reduced the price to ₦1,370, while AY Shafa reduced its price from ₦1,430 to ₦1,400 per litre.
However, some marketers were yet to reduce their pump prices.
NAN observed that Afdin Retail Station reduced its petrol price from ₦1,430 to ₦1,400 per litre. A.A. Rano also reduced its price from ₦1,430 to ₦1,400 per litre, while Empire Energies reduced its price from ₦1,450 to ₦1,420 per litre.
Mr Stanley Okezie, a motorist who resides at Gwarinpa, urged fuel marketers to further reduce their pump prices.
Okezie said the decline in crude oil prices should translate into a significant reduction in petrol prices.
He expressed concern over the continued impact of high fuel costs on household expenses and businesses.
“Mr President, during his Independence Day speech said he will do more to address the high cost of living, energy insecurity and other economic challenges being faced by citizens.
“We want the president to take more immediate steps to ease the burden on citizens,” he said.
Mr Daniel Uzor, a motorist, who resides at Kubwa, also urged marketers to further reduce the price of petrol.
Uzor expressed concern over the rising cost of transportation and food among other expenses.
Another motorist, Mr Kenneth Oliver urged marketers to reflect recent reduction of crude oil in the global market in their pump prices.
Oliver said a reduction in petrol prices would provide relief to road users as well as other Nigerians.
He said the reduction would also help lower transportation costs, particularly for commercial operators who depend on fuel.
Mr Abdul Lateef, a motorist in Kabusa, urged marketers to ensure that reductions in their operating and procurement costs were felt by consumers.
He appealed to relevant stakeholders in the petroleum industry to promote transparency in pricing and ensure that consumers benefited from favourable market conditions.
Mr Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), assured Nigerians that marketers would continue to adjust to prevailing market conditions.
He said marketers would also seek ways to remain competitive and sustain their businesses.
According to him, the major challenge facing independent marketers is market volatility.
NAN