Middle East conflict: Drivers, passengers, and others bemoan soaring gasoline costs

Commuters and transporters have expressed their frustration, urging the Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to step in and prompt oil marketers to adjust pump prices without delay.

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A concerned individual pointed out that operators, particularly depot owners, swiftly raise prices when it benefits them, yet struggle to lower them when it would advantage consumers.

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John Bassey, a motor bike operator, lamented that the high cost of petrol has made life extremely challenging for him and his fellow transport sector operators, as many commuters have fixed incomes and cannot afford exorbitant fares.

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Private car owner, Mr. Ola Salami, shared his disappointment, stating that he had to park his car due to the high prices, but decided to use it again after learning about Dangote Refinery's reduced gantry price, only to find that filling stations still charge high prices.

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Dr Muda Yusuf, Executive Director of the Centre for Promotion of Private Enterprises, CPPE, responded to the situation, acknowledging that Dangote Petroleum Refinery has taken a positive step by meeting domestic demand, according to the latest NMDPRA report.

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Dr Yusuf noted that the refinery's achievement enables the nation to conserve foreign exchange that was previously spent on importing fuel, and emphasized that government policy should continue to support domestic refining through a combination of trade, fiscal, and monetary policy measures.

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He identified key areas that require attention, including reliable crude supply arrangements, improved petroleum distribution infrastructure, tariff protection, additional refining investments, and enhanced export competitiveness for refined petroleum products.