Residents of the Federal Capital Territory (FCT) have welcomed Dangote Petroleum Refinery’s latest reduction in the ex-depot price of Premium Motor Spirit (PMS), although many say the cut has not yet translated into lower transport fares or reduced prices of food and other everyday goods.
The refinery recently lowered its ex-depot petrol price from ₦1,330 per litre to between ₦1,265 and ₦1,300 per litre, reversing increases recorded in recent weeks amid fluctuations in global crude oil prices.
The price adjustment followed Dangote Refinery’s announcement that it would begin free fuel distribution in Lagos, Ogun, Rivers, Kaduna, Delta, and the FCT to improve fuel availability.
Checks across Abuja on Monday showed that some filling stations had already adjusted their pump prices. MRS reduced its retail price by ₦40 per litre, while independent marketers, including AA Rano, cut prices by ₦30 per litre, bringing petrol to ₦1,300 per litre.
At the depot level, Emedab, NIPCO, and Sigmund sold petrol for between ₦1,217 and ₦1,222 per litre.
Residents, however, said they were yet to feel the full impact of the reduction. Civil servant Bare Oguntade described the price cut as a positive development but urged the federal government to ensure that transport operators and traders reflect the lower fuel costs in their prices.
Business owner Anthony Okere also welcomed the move but noted that many small businesses still rely heavily on petrol because of unstable electricity supply. He added that only a limited number of transport operators have benefited from the government’s Compressed Natural Gas (CNG) programme.
Public affairs analyst Jide Ojo called on the federal government to work more closely with petroleum marketers to ensure future reductions in depot prices are quickly reflected at filling stations and in transport fares.
Development expert Aliyu Ilias advocated stronger regulatory oversight and increased consumer awareness to encourage compliance with prevailing fuel prices and promote fair competition in the downstream sector.
Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, explained that the temporary suspension of fuel loading after the price adjustment was a routine reconciliation process that occurs whenever depot prices change.
He said fuel loading would resume fully after marketers completed the reconciliation of product volumes and existing tickets, adding that addressing wider economic challenges remains essential to delivering lasting relief to Nigerians.
