The recent decrease in petroleum pump prices in Nigeria, following Dangote Refinery’s reduced ex-depot price of petrol to N899 per litre in Lagos, is a welcome development. However, many filling stations have yet to adjust their prices accordingly.
The Nigerian National Petroleum Company (NNPC) Ltd has also reduced the ex-depot price of premium Motor Spirit (PMS) from N1,020 to N899 per litre. This move aims to boost competition among oil marketers, potentially leading to cost savings for consumers.
The partnership between Dangote Refinery and MRS filling stations to sell petrol for N935 per litre is another positive step. While Nigerians celebrate this reduction, it’s essential to acknowledge that low purchasing power might have contributed to this decrease.
According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Nigerians can expect a reduction in pump prices within the week. However, many filling stations have yet to reflect this change.
As Billy Gilly-Harry, president of PETROAN, stated, “When members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market.”
Considering the economic challenges faced by many Nigerians, it’s crucial to question how many people can afford fuel and how many families can maintain multiple cars. The government should focus on creating alternative transportation solutions to alleviate the burden on citizens.
It’s also important to note that the current success should not be solely attributed to President Bola Tinubu’s reform, as transportation costs and food prices remain high.
Ultimately, while the fuel price reduction is a step in the right direction, it’s only part of the solution. Addressing broader economic issues and improving access to affordable transportation will be key to supporting Nigerians in need.
As Christmas approaches, it’s expected that fuel marketers and filling stations will keep their promise and make life easier for the people.
By Tosin Adesile
