Motorists and commuters in the Federal Capital Territory have expressed frustration after several filling stations failed to reduce their pump prices despite Dangote Refinery’s latest N25 per litre reduction.
The refinery announced on Monday that it had cut its gantry price from the previous rate to N1,325 per litre. However, checks by the News Agency of Nigeria (NAN) in Abuja on Tuesday showed that several major retailers were still selling petrol at prices above the new benchmark.
MRS outlets were selling at N1,395 per litre, while NIPCO and Mobil outlets offered the product at N1,430 per litre. Conoil sold at N1,410, while Total filling stations were retailing petrol at N1,430 per litre.
The development comes after pump prices climbed to between N1,395 and N1,450 per litre in Abuja and other parts of the country over the past two weeks.
The latest Dangote reduction also coincides with a decline in international crude oil prices. Brent crude was trading at $100.40 per barrel, representing a 3.34 per cent decline, while West Texas Intermediate stood at $90.40, down 3.83 per cent.
Some motorists said the continued high pump prices were placing additional pressure on households already dealing with rising food, transport and other living costs.
A Gwarinpa resident, Olusegun Shokoya, said he bought petrol at N1,430 per litre and expressed concern over the financial strain caused by rising fuel costs.
Mohamed Hamzat, who purchased petrol at the same price in Dutse, said the impact extended beyond the cost of fuelling vehicles, arguing that rising transportation expenses were also affecting household food consumption.
“We urge the Federal Government to urgently intervene by stabilising fuel prices,” he said.
Another motorist, Chigozie Ugwu, described the situation as increasingly difficult for households, particularly people who rely on their vehicles for daily activities.
For commuters, the concern is that high petrol prices could eventually translate into increased transport fares and higher prices for food and other goods.
Shotayo Aliyu said traders would likely pass higher transportation costs on to consumers in an effort to maintain their profit margins.
Meanwhile, petroleum marketers have pointed to market conditions as part of the reason pump prices may not immediately reflect changes in international crude prices.
National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said fluctuations in global crude prices remained a challenge because some marketers had purchased products before the latest decline.
He said marketers who bought petrol at higher prices would have to manage their losses while adjusting to prevailing market conditions.
PETROAN National President Billy Gillis-Harry had also said stakeholders could not rule out further reductions, adding that the interests of consumers would be considered during engagements with regulators and other stakeholders.
Ukadike described the situation as part of the realities of a deregulated market, where competition and market forces influence petrol prices.
