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,,,,,, impact on Living Costs Remains Mixed.
(C) Google.
By Dada Ahmed in Lokoja
Residents of Lokoja, the capital of Kogi State in North-Central Nigeria, are expressing cautious optimism as fuel and gas prices experience a temporary decline, providing some relief to consumers in the area.
Our correspondent, who visited a gas station along the Okene-Kabba road on Friday, reported that the price of gas has dropped significantly, with a litre now costing N1,000, down from N1,250. This price change has been reflected at several other stations in the area, according to some buyers.
At a petrol station on the Lokoja-Ganaja road, petrol prices also saw a noticeable decrease. A litre of petrol, which had been sold for over N1,000, was reduced to N885, while another nearby station lowered its price to N935 per litre.
The reductions in fuel prices have sparked hope among consumers, with some local residents noticing a potential ripple effect on other goods. Food prices, which have been on the rise in recent months, appear to be following suit. Mrs. Funmi Adebola, a local shopper, remarked that the price of beans had significantly dropped from N4,000 to N1,800 for a large measure. Similarly, rice prices have shown early signs of decline.
“We are starting to see a decrease in food prices, which suggests that the overall cost of living could ease for residents of Lokoja,” said Hajia Ramatu Mohammed, a housewife, speaking with our correspondent at Lokoja’s old market on Thursday.
However, the impact of the price drop has not been felt. Commercial motorcyclists and Keke Napep operators in the city have expressed skepticism, insisting that fare hikes will remain unchanged despite the reduction in petrol costs.
They argue that the prices of spare parts have risen sharply, undermining any potential savings from lower fuel prices.
“The cost of a Keke Napep tyre has skyrocketed from N10,000 to N30,000, and other spare parts have also seen dramatic price increases,” Nasidi Isah, a local Keke Napep operator, told our correspondent in a telephone interview.
“We need the government to ensure that spare parts prices also decrease in line with the drop in fuel prices,”he urged.
Some members of the public in Lokoja, in their chats with our correspondent argue that while the reduction in fuel and gas prices provides some temporary relief to consumers, its long-term impact on the broader economy in Lokoja remains uncertain, especially if other essential goods and services do not follow suit.
