By Akinnodi Francis, Ondo

Nigerians have expressed hope that the recently announced reduction in the price of petrol (PMS) to N925 per litre will spur further favourable developments in the energy sector.

They told The Hope that realistic pricing of petroleum products could have a ripple effect on other market variables linked to energy consumption.

Many are optimistic that transportation costs will soon drop, which, in turn, will reduce the prices of goods.

The NNPCL, it will be recalled, earlier in the week announced the reduction in the price of petrol (PMS) to N925 per litre.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) also stated that further reductions in the price of petrol are expected in the coming days.

Speaking with The Hope on the development, a lawyer, Barrister Tayo Olaleye, said:
“It will be a very good development if it actually happens. Prices of goods and services will reduce, and food items will become affordable.

“I pray it comes to pass, although, whatever goes up in Nigeria hardly comes down.”

A resident, John Tobi, commented:
“Unfortunately, we are in a society where, when you hear of any price reduction, you should just prepare for abnormal price escalation.

“For crying out loud, why should we be importing petroleum products? Is it not madness and the height of stupidity? Further investigation will reveal that the announced price reduction is just to gauge reactions before a proposed price increase.”

A top Anglican priest, Archbishop Funso Awe, remarked:
“Definitely, the price of locally produced fuel is supposed to be friendlier and cheaper than imported fuel.”

The Presiding Archbishop of the Orthodox Anglican Church in Nigeria, Most Rev. Awe, added:
“I believe if the government wants to bring the price of fuel down, Dangote has told us that he could produce enough fuel for Nigerians’ use without importing anything at all.

“Can’t the government subsidise the crude given to Dangote or the fuel coming from his refinery to provide us with cheaper fuel?

“That would mark the beginning of the solution to our problems and stop fuel importation.

“The President has assured us with confidence that he won’t subsidise anything again and that we will see positive results.

How he intends to achieve this is unclear to many of us. We’ll have to see how far his policies will go.”

On the announced price reduction, Archbishop Awe stressed:
“If certain indices are put in place, there could be further price reductions. But we need to see the economy stabilise, and the price of fuel could go down to about N500 or N400 per litre.”

A public affairs commentator, Emmanuel Adenegan, shared his perspective:
“The recent reduction in the price of PMS in Nigeria, after prolonged horse-trading that culminated in massive suffering for the people and various sectors of the economy, can be viewed from different angles.

“Firstly, what is the amount reduced? What effect does it have on an already inflated economy? Have the prices of goods come down? The answer is no. Will they reduce appreciably? Probably not, because the reduction is very insignificant.

“Moreover, many stations are not compliant with the staggered selling price.

A more significant reduction would have been more impactful.

“Government monopoly is overbearing, and although this administration appears to be using a ‘dangling carrot’ approach, I have no trust in the price reduction.

“If the government is sincere, they should also reduce electricity tariffs, telecom tariffs, import duties, and other costs that increased alongside PMS prices.

“It would have been better if the reduction matched the significant hikes we’ve seen. Be that as it may, if the reduction is truly based on market forces and transparency, we’ll wait to see how the government’s ideas will sanitise and make the market truly competitive.”

An economist, Sanya Ogunsakin, added his voice:
“If the players in Nigeria’s oil market are sincere, this development is not unexpected.

“Firstly, with petrol being sourced locally from more than one producer, the pressure of importation costs and foreign currency payments may have been alleviated.

“Secondly, Nigerians are likely to benefit from competition among oil marketers in the coming days.

“I advise Nigerians to remain optimistic and look forward to experiencing a better economy in 2025. Congratulations in advance, and let’s make the best use of these benefits while managing our personal resources prudently.”