By Stephen Simon
Industry stakeholders and consumer advocates have urged petroleum marketers to further reduce the pump price of Premium Motor Spirit (PMS), popularly known as petrol, following the sustained decline in global crude oil prices.
The stakeholders argued that the reduction in international crude prices and improved market conditions should translate into lower fuel costs for consumers, noting that the high cost of petrol continues to drive inflation and increase transportation and production expenses across the country.
They maintained that although some marketers have adjusted their pump prices in recent weeks, the reductions remain insufficient when compared with the sharp fall in crude oil prices on the international market. They called for a more transparent pricing regime that reflects prevailing market realities.
According to the stakeholders, lower fuel prices would ease the financial burden on households and businesses struggling with the rising cost of living.
They noted that transport fares and the prices of goods and services have remained high despite the recent easing in global oil prices.
Economic analysts also said a sustained reduction in petrol prices could help moderate inflationary pressures, improve consumer purchasing power and provide some relief for manufacturers and small businesses facing high operating costs.
They, however, urged the Federal Government to continue strengthening competition in the downstream petroleum sector to ensure that consumers fully benefit from the deregulation of the market while discouraging anti-competitive practices.
The stakeholders expressed optimism that continued stability in the global oil market and increased domestic refining capacity would lead to more competitive fuel prices in the coming months, thereby supporting economic recovery and easing the cost-of-living challenges faced by many Nigerians.
