Some motorists in the Federal Capital Territory (FCT), have expressed joy over the slight reduction in the pump price of Premium Motor Spirit (PMS) known as petrol.
BRANDECONOMY reports that the NNPCL Ltd. had reduced the pump price of petrol from N980 to N965.
This also made other fuelling stations to reduce theirs from N1, 150.to N1, 010.
Alhaji Umar Yusuff, said that the market forces determine how much the product would be sold.
He attributed the price fluctuations to deregulation, adding that the factors of demand and supply determined price.
“This is the nature of deregulated market, prices rise and fall depending on market forces and each marketer’s supply costs.
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” You may buy petrol a bit less this week and buy a bit high next week,” Yusuff said.
He said that pump price of petrol was being sold at N965 at NNPCL Ltd. outlets, while other marketers like Shafa, AA Rano, Con oil, Mobil, Nipco fueling stations were selling between N975 and N1, 010.
A taxi driver, Aminu Bako, said that he bought patrol for N965 as against what he used to buy, describing it as a good sign.
“I pray it continues this way, because my family is suffering, I don’t make enough money to take care of them anymore. We feed once a day now and I cannot pay my children:s school fees.
“The government should please review their economic policies, it is very difficult for ordinary citizens,” he said.
Another taxi driver, Mayowa Lasisi, said that he only buys from NNPCL ltd.
”This is because I trust their sources, they don’t sell fake products, I suffered in 2024 after buying bad fuel.
” Because they also sell lower is another advantage,” he said.
A business woman, Alice Ebuka, said that she was happy over the reduction and it shows a good sign.
” I hope this will also reflect in the cost of transportation, and food items, among other.
” Business owners always blame the high cost of transporting goods, because in this country anything that goes up hardly comes down,” Ebuka said.
BRANDECONOMY reports that after the fuel subsidy removal, there have been no fixed price for the product.
