Motorists and commuters in the Federal Capital Territory have expressed concerns over the failure of some petrol stations to reduce their pump prices despite the latest N25 per litre reduction announced by Dangote Refinery. Dangote Refinery announced on Monday that it had reduced its gantry price from the previous rate by N25 to N1,325 per litre.
The reduction came after petrol prices had risen to between N1,395 and N1,450 per litre in Abuja and other parts of the country over the past two weeks, amid a decline in international crude oil prices. Checks at filling stations in Abuja on Tuesday showed that several outlets were still selling petrol above the refinery’s new gantry price.
MRS outlets sold at N1,395 per litre, while NIPCO and Mobil outlets sold at N1,430, Conoil at N1,410 and Total at N1,430 per litre. Some motorists said the high petrol prices were adding to the financial pressure caused by rising food, transportation and household costs.
A motorist, Olusegun Shokoya, said he bought petrol at N1,430 per litre in Gwarinpa, while another motorist, Mohamed Hamzat, who bought at the same price in Dutse, said the rising cost of living had made it difficult for him to provide adequately for his family. Other motorists also called for government intervention to stabilise fuel prices.
A commuter, Shotayo Aliyu, expressed concern that high petrol prices would increase transportation costs and eventually make food and other goods more expensive.
Meanwhile, PETROAN National President Billy Gillis-Harry said stakeholders would not rule out a reduction in petrol prices, while IPMAN National Publicity Secretary Chinedu Ukadike attributed the delayed adjustments partly to fluctuations in international crude oil prices and existing stocks purchased by marketers before the latest decline.
He said marketers needed time to manage potential losses in a deregulated market where prices were influenced by market forces.
