Some motorists in the Federal Capital Territory (FCT) have raised concerns over the continuous increase in the price of premium motor spirit (PMS), popularly known as petrol.
The motorists said on Monday that petrol prices had continued to rise despite the federal government’s assurance to cushion the impact on consumers.
Days ago, the federal government announced a 30-day discount on petrol sold by the Nigerian National Petroleum Company Limited, with public transport operators to receive priority under the arrangement.
Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, said the government was also negotiating a ceiling of N1,350 per litre on the ex-gantry or landing cost of petrol to reduce sharp fluctuations in pump prices.
Dangote Petroleum Refinery cut its gantry petrol price by N25 per litre to go from N1,350 to N1,325.
Crude Oil Futures Price (WTI) traded at $90.41 to $90.50 per barrel for West Texas Intermediate (WTI), while international benchmark Brent crude traded near $103.33 per barrel.
A.Y. Shafa retail outlet increased the price from N1,370 per litre to N1,410 per litre, while MRS retail outlet increased from N1,370 per litre to N1,405 per litre.
Similarly, A.A Rano increased its pump prices from N1,380 per litre to N1,409 per litre.
A motorist, Tony Ajayi, said motorists were already grappling with rising food, transportation, and household expenses, and the latest increase represented another unwelcome strain.
Mr Ajayi said the persistent increase in fuel prices was putting growing financial pressure on families and making it increasingly difficult for many Nigerians to meet their basic needs.
Auwal Tanko, a motorist, said he bought petrol at N1,410 per litre, adding that the effect of the increase went far beyond the cost of filling his vehicle.
Mr Tanko urged the federal government to urgently intervene by stabilising fuel prices.
Chinedu Ukadike, the national publicity secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the federal government should expand access to its recently announced petroleum pricing policy.
Mr Ukadike said the wider participation was necessary to ensure Nigerians felt the impact of an expected reduction in pump prices.
According to him, the policy’s impact will not be immediate, because the distribution of petroleum products to filling stations across the country will take time.
“The circulation of petroleum products and the quoted petroleum products is also a gradual process before it will be able to have an effect on commuters.
“The chains of distribution will be ignited by loading those products and trucks moving to their different destinations.
“The effect will not be immediately seen until within 20 days to 30 days when these products land at their destinations and in the pumps for dispensing,” he said.
He said the process involved loading the products, transporting them to various destinations and making them available for dispensing at filling stations.
(NAN)
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