Motorists in Kano metropolis have expressed joy over the downward review of petrol pump prices by the Federal Government.
News Agency of Nigeria (NAN) reports that the Federal Government had on Wednesday announced a new price regime of N125 per litre of Petroleum Motor Spirit (PMS) as against its previous prices of N145.
The development came against the backdrop of oil price crash at the global market occasioned by the Coronavirus crisis.
A cross-section of the motorists, who spoke to NAN in separate interviews on Friday in Kano, described the gesture as “commendable”.
Abdulkarim Sarki, a commercial tricycle operator, expressed happiness over the development, saying it would enable him to cut his spending on fuel.
“I bought fuel in the afternoon and saved about N700 as against what I used to spend before the introduction of the new price,” he said.
Kamalu Abubakar, a resident, also commended fuel dispensing stations for prompt compliance with the new N125 pump price.
“I am happy that the fuel stations had complied and adjusted their pumps to the new price.
“It is a welcome development even though it came at a time of international health crisis,” Abubakar said.
Another resident, Mustapha Bello, called on the authorities to ensure compliance with the new price and ensuring effective monitoring to guard against shortchanging consumers by fuel stations.
NAN recalls that the Independent Petroleum Marketers Association of Nigeria (IPMAN) said its members had complied with the new price regime in the state.
Bashir Danmallam, IPMAN Chairman, however, advocated for palliative measures to compensate marketers who might have incurred losses due to the sudden reduction in the pump prices.
He stressed that the measure was necessary to support fuel marketers who had an old stock of the products before the reduction of the pump price.
“We are happy with the development and the Federal Government should be commended for the gesture. However, the government should consider the fact that many of our members with old stock will be exposed to losses.
“The measures would go a long way in reducing the loss the marketers might incur since most of them have the old stock, which is supposed to be disposed of at the old rate of N145 per litre,’’ he said. (NAN)