Motorists Criticizes Oil Marketers On Fuel Prices
Motorists in the Federal Capital Territory have expressed frustration over the continued high cost of petrol despite a sharp decline in global crude oil prices.
Many fuel stations, they said, have yet to lower pump prices even after international oil prices dropped below 80 dollars per barrel following easing tensions between the United States and Iran.
The concerns come after the Dangote Refinery reduced its petrol loading price by ₦75 per litre.
While some outlets adjusted their prices to between ₦1,241 and ₦1,261 per litre, several other filling stations continued selling fuel at between ₦1,335 and ₦1,360 per litre, leaving many consumers dissatisfied.
Industry operators explained that marketers who purchased fuel at higher rates could not immediately slash prices without facing losses.
They also pointed to rising borrowing costs, insurance expenses and other operational challenges as factors slowing price reductions under the deregulated market system.
Petroleum marketers have called for measures to stabilise the sector, including the creation of an energy financing institution and stronger support for independent operators.
They also urged the government to improve local refining capacity, saying increased domestic production would boost competition and help keep fuel prices more stable.
