Motorists in the Federal Capital Territory (FCT) have raised concerns over the continued high cost of petrol despite a significant drop in global crude oil prices.
According to reports, crude oil prices in the international market have fallen from about $150 per barrel to below $80, following a de-escalation of tensions between the United States and Iran.
The price reduction has already led the Dangote Refinery to cut its petrol gantry price by ₦75 per litre.
However, many filling stations across the FCT have yet to adjust their pump prices, with some outlets selling between ₦1,335 and ₦1,360 per litre, while others like MRS have reduced prices to between ₦1,241 and ₦1,261 per litre.
Industry groups such as the PETROAN have urged marketers to reflect the global price drop in local fuel prices and pass the benefit to consumers.
The IPMAN explained that many marketers are unable to reduce prices immediately due to high purchase costs, loans, interest rates, and rising operating expenses.
They noted that under the deregulated system, marketers who bought fuel at higher prices risk heavy losses if they adjust prices too quickly.
Stakeholders have called for the establishment of a petroleum or energy bank to support financing in the downstream sector and reduce exposure to market risks.
They also urged the Federal Government to rehabilitate local refineries such as those in Port Harcourt and Kaduna to boost domestic supply, improve competition, and stabilize fuel prices.
