Residents of the Federal Capital Territory (FCT) have welcomed the recent reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by the Dangote Petroleum Refinery, describing it as a positive step toward easing the country’s economic burden.
The refinery reduced its ex-depot price from N1,330 per litre to a range of N1,265 and N1,300 per litre, following weeks of fuel price increases triggered by fluctuations in global crude oil prices.
The adjustment comes shortly after the refinery announced plans to commence free petrol distribution across Lagos, Ogun, Rivers, Kaduna, Delta States, and the FCT.
A market survey conducted across Abuja on Monday showed that MRS filling stations slashed pump prices by N40 per litre, while independent marketers, including AA Rano, reduced their prices by N30, bringing petrol to about N1,300 per litre.
Depot operators such as Emedab, NIPCO, and Sigmund were also observed selling petrol at between N1,217 and N1,222 per litre.
Despite the reductions, many residents noted that the lower fuel prices have yet to reflect in transport fares, food prices, and the overall cost of living.
Civil servant Bare Oguntade praised the price cut but urged the Federal Government to ensure the savings extend beyond filling stations.
He stressed that transport operators and consumers should benefit through lower transportation costs and more affordable food prices.
Business owner Anthony Okere also welcomed the development but pointed out that unreliable electricity continues to force many businesses to depend on petrol-powered generators, limiting the impact of the price reduction.
He added that transport operators remain under financial strain as fuel remains a major operating expense, while only a limited number have benefited from the government’s Compressed Natural Gas (CNG) programme.
Public affairs analyst Jide Ojo said the reduction should begin translating into measurable economic relief for Nigerians, particularly low-income earners.
He called on the Federal Government to engage petroleum marketers to prevent future supply disruptions and ensure consumers fully benefit from lower fuel costs.
Development expert and customer experience specialist Dr. Aliyu Ilias emphasized the need for transparency and stronger consumer participation in monitoring fuel pricing.
According to him, effective regulatory oversight would encourage fair competition and ensure filling stations promptly reflect legitimate price reductions. He also commended the Federal Competition and Consumer Protection Commission (FCCPC) for its consumer protection efforts.
Meanwhile, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that fuel loading operations have resumed across depots after a temporary suspension to reconcile product volumes and sales records following the latest price adjustment.
Ukadike explained that such pauses are standard industry practice whenever fuel prices are reviewed, expressing confidence that normal loading activities have fully resumed.
He, however, urged the Federal Government to address the broader economic challenges driving inflation, noting that lasting improvements would only come through tackling the root causes of the country’s economic difficulties.
