FINALLY!! Nigerians Jubilates As Price For Petrol Reduce To This SHOCKING Amount; See NEW Rate Announced Today
Some motorists in the Federal Capital Territory (FCT) have expressed relief and happiness over the slight reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
Speaking to the News Agency of Nigeria (NAN) in Abuja, they acknowledged that even a small reduction in fuel prices can significantly impact their daily expenses, especially for those who rely on their vehicles for work and transportation.
NAN reports that the Nigerian National Petroleum Company Limited (NNPCL) recently reduced the pump price of petrol from ₦980 to ₦965 per litre. This change also influenced other fueling stations, which adjusted their prices slightly downward, bringing the price range to between ₦1, 010 and ₦1, 050 per litre, depending on the location and marketer.
Motorists’ Reactions
Motorists welcomed the reduction, though some wished for a more substantial decrease to ease the burden on their finances.
Alhaji Umar Yusuff, a commercial driver in Abuja, stated that fuel price fluctuations are a direct result of the deregulation policy, where market forces determine the price. He noted that prices are influenced by factors such as exchange rates, international crude oil prices, and local supply chain logistics.
” We are happy that the price has dropped, even if it’ s just by a little. But we still hope it comes down further because transportation costs have been too high for both drivers and passengers, ” he said.
Similarly, Mrs. Florence Eze, a private car owner, expressed mild relief but remained concerned about the general high cost of living. ” At least there’ s some reduction, but fuel is still expensive. If the government can intervene and bring it down further, it will help a lot of people, ” she stated.
Economic Implications
Economic analysts suggest that the reduction, though slight, could provide temporary relief for consumers and businesses that depend on fuel for daily operations. However, they emphasize that sustained price stability depends on factors such as improved local refining capacity, a stable exchange rate, and effective government policies.
Some Nigerians have urged the government to find ways to further reduce petrol prices by increasing local refining, reducing import dependency, and addressing logistical challenges in fuel distribution.
As fuel prices continue to fluctuate, many motorists remain hopeful for a more significant reduction that will ease the overall cost of living in the country.
