Abuja Motorists Want Bigger Petrol Price Cuts as Crude Falls

Motorists and commuters in Abuja are calling for a bigger reduction in the pump price of petrol, saying the modest cuts at filling stations do not match the recent fall in global crude oil prices.

 

The Federal Capital Territory had lowered their prices by between N20 and N30 per litre, falling short of the significant relief road users had hoped for.

 

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

 

According to report, crude oil is trading at about 90.18 dollars per barrel for the U.S. benchmark West Texas Intermediate (WTI) and 101.46 dollars per barrel for Brent.

 

NAN found that A.A. Rano retail station had reduced its pump price from N1,450 to N1,420 per litre, while AY Shafa now sells at N1,400, down from N1,430.

 

Afdin retail station also cut its price from N1,430 to N1,400 per litre, while the NIPCO retail outlet reduced its price from N1,430 to N1,410 per litre.

 

Mr Abdulateef Abdullahi, a motorist who lives in Bwari, said the drop in crude oil prices should translate into a significant reduction in the price of petrol. He urged marketers to cut prices further to ease the hardship facing 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 from Dei-Dei, expressed concern over the rising cost of transportation, food and other expenses driven by the pump price of petrol.

 

Obasa said marketers should pass on the recent fall in global crude prices at the pump, adding that cheaper petrol would bring relief to road users and other Nigerians.

 

Mrs Kemisola Olatunji, a resident of Kubwa, said a price cut would also help bring down transport fares, particularly for commercial operators who rely 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 any fall in their operating and procurement costs was felt by Nigerians.

 

Mr Gabriel Akon, a motorist who lives in Asokoro, appealed to stakeholders in the petroleum industry to promote transparency in pricing and ensure that consumers benefit from favourable market conditions.

 

Responding, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Ukadike, said marketers would continue to adjust to prevailing market conditions while seeking ways to stay competitive and sustain their businesses.

 

He explained that some members of the association bought products only a few weeks ago and would have to manage the resulting 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.