By Dada Ahmed in Lokoja.
Petrol prices plunged further in Lokoja on Wednesday, fueling motorists’ hopes for relief.
Our correspondent, monitoring developments in petrol sales since IPMAN began lifting supplies from the Dangote Refinery last week, reports a slight drop in the price of petrol at NIPCO, Gadumo, Lokoja, from N1,075 to N1,065 per litre.
At the NNPCL filling station on Murtala Mohammed Road, Lokoja, a litre of petrol was sold for N1,065.
Before the current petrol prices in Lokoja and its environs, the cost of a litre had risen to N1,200, or even higher on the black market.
Some members of the public who spoke with our correspondent described IPMAN’s decision to begin lifting petrol from the Dangote Refinery as a significant relief.
They urged both parties to remain committed to the deal, emphasizing its potential to provide much-needed relief to the public and help alleviate the high cost of living in the country.
However, the apparent drop in petrol pump prices in Lokoja has not yet been reflected in the high transport fares as of the time of this report.
In a chat with The Reporters, an accounting expert, Mr. Usman Moses, described the gradual reduction in petrol prices as a positive development but urged the federal government to explore the possibility of bringing the price down to N400.00 per litre.
He noted that the greatest economic hardship currently faced by the Nigerian masses revolved around the hike in petrol pump prices due to the removal of subsidy on the product as well as inability of the nation’s refineries to work up to maximum capacity in meeting the demand for petrol.
This development led to astronomical prices of goods and services
“If the price of petrol can be reduced to N400.00 per litre, transport fares and price food stuffs will decrease significantly, leading to a ripple effect that lowers the cost of living and brings other benefits,”he said.
Moses also urged the government to intensify efforts to restore the refineries to enable them maximize their capacity utilization.
