Petrol: Motorists, commuters seek significant reduction in pump price

In spite of drop in crude oil prices in the global market, oil marketers in Nigeria are yet to reflect significant changes in the sale of petrol.

The development has continued to generate concerns among motorists, commuters and other stakeholders, who expected a fall in international crude prices to bring down the cost of petrol at filling stations.

Dangote Refinery recently reduced its petrol gantry price by N25 per litre from N1,350 to N1,325 following a decline in global crude oil prices.

It was reported that Crude oil prices currently hover around 90.18 dollars per barrel for the U.S. West Texas Intermediate (WTI) and 101.46 dollars per barrel for Brent crude.

Checks by our correspondent in Abuja on Wednesday showed that some retail outlets had yet to reflect significant reduction in their pump price.

It was observed that A.A. Rano retail station had reduced it pump price to ₦1,420 per litre from ₦1,450 per litre, while AY Shafa reduced its price from ₦1,430 to ₦1,400 per litre.

It was also observed that Afdin retail station reduced its petrol price from ₦1,430 per litre to ₦1,400 per litre, while NIPCO retail outlet cut its price from N1,430 per litre to N1,410 per litre.

Mr Abdulateef Abdullahi, a motorist who resides at Bwari, said the decline in crude oil prices should translate into a significant reduction in petrol prices.

Abdullahi urged marketers to further reduce the price of petrol to reduce the hardship being faced by Nigerians.

“Whenever crude oil prices go up, we are quick to see the impact at filling stations, but when prices come down the reduction is hardly reflected.

“We expect marketers to also respond quickly to changes in the global market,” he said.

Mr Uzor Obasa, a motorist who resides at Dei-Dei, expressed concern over the rising cost of transportation and food among other expenses occasioned by the increase in the pump price of petrol.

Obasa said marketers should reflect the recent reduction of crude oil in the global market in their pump prices.

He said a reduction in petrol prices would provide relief to road users as well as other Nigerians.

A resident, who resides at Kubwa, Mrs Kemisola Olatunji, said the reduction would also help lower transportation costs, particularly for commercial operators who depended on fuel.

“The price of petrol affects almost everything, from transportation to the cost of goods and services,” she said.

Olatunji urged marketers to ensure that reductions in their operating and procurement costs were felt by Nigerians.

Mr Gabriel Akon, a motorist who resides at Asokoro, 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), said marketers would continue to adjust to prevailing market conditions.

Ukadike said marketers would also seek ways to remain competitive and sustain their businesses.

He said some members of the association had bought products only a few weeks ago and would need to manage the losses while remaining in business.

“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.