By NIyi JACOBS
As Nigerians continue to feel the pinch of high fuel prices, a welcome relief has emerged with the recent reduction in the pump price of premium motor spirit (PMS) across key filling stations in Abuja and other major cities. Following a wave of competitive pricing from major players in the oil sector, motorists have seen petrol prices drop to as low as N875 per litre in some locations, while others now retail at N895 per litre, marking a modest but significant reduction from previous levels of N910.
The downward adjustment comes after industry giants, including the Dangote Refinery and its partners, led the charge by slashing their petrol prices, setting a new benchmark in the market. This move has prompted other service stations, including state-owned entities, to follow suit in aligning prices to more affordable rates for consumers.
Motorists like Muhammad Ibrahim expressed optimism about the price cut, emphasizing that it brings much-needed relief and introduces a more competitive pricing environment. “It is long expected because other filling stations have reduced their petrol prices,” he remarked, highlighting growing expectations among commuters.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, pointed out that the liberalization of the country’s downstream oil and gas sector is fostering healthy competition, which is beneficial for the Nigerian consumer. However, he also noted ongoing concerns about market monopolies and recent controversies surrounding refinery rehabilitation efforts in Port Harcourt, Warri, and Kaduna, which continue to attract public scrutiny.
As the market adjusts, the reduction in fuel pump prices may signal the beginning of a more stable and affordable fuel pricing regime, reflecting a critical step towards easing the cost of living for millions of Nigerians while balancing sectoral reforms and infrastructural challenges.
