The Youth Assembly of Nigeria (YAN) don call on Federal Government to make sure say commodity price regulations dey enforced well well to protect consumers and make Nigerians enjoy the recent reduction for pump price of Premium Motor Spirit (PMS).
According to the National Speaker of the Youth Assembly, Rt. Hon. Famuyibo Oluwasegun, wey yarn with journalists for Abuja, e express worry about how essential commodities still dey cost high even though petrol price don reduce.
E note say when fuel price increase, prices of goods and services go up immediately, but when petrol become cheaper, them no dey come down. E describe this trend as evidence of weak market regulation and enforcement.
Famuyibo say the situation dey put financial pressure on millions of Nigerians, despite say transportation and production costs suppose reduce and make prices come down.
E explain say pump price of petrol don fall significantly for the past six months, from between N1,350 and N1,400 per litre to about N1,090–N1,120 per litre. But e observe say prices of food items and other essential goods remain largely unchanged.
The Youth Assembly leader call on Federal Competition and Consumer Protection Commission (FCCPC), state consumer protection agencies, and other relevant regulatory bodies to intensify market surveillance, enforce fair pricing practices, and make sure say lower operating costs reflect for prices wey consumers dey pay.
According to am, effective enforcement of commodity pricing regulations go help ease inflationary pressures, improve Nigerians’ purchasing power, stimulate economic growth, and strengthen public confidence for the country’s economic management.
The Youth Assembly reaffirm say e dey committed to advocating policies wey go promote economic justice, social welfare, and sustainable national development.
E also appeal to traders, manufacturers, transport operators, and other stakeholders to act responsibly by passing on the benefits of lower fuel prices to consumers through more affordable prices for goods and services.
Meanwhile, Dangote Petroleum Refinery on Wednesday trim im ex-depot price of petrol by N1 per litre, even as diesel prices climb across several petroleum depots for Lagos, showing mixed trends for Nigeria’s downstream petroleum market.
Global crude oil prices suddenly surge sharply on Wednesday, with international benchmark Brent crude climbing close to $80 per barrel, signalling renewed strength for the oil market amid heightened geopolitical tensions and expectations of tighter supply.
MRS Oil Nigeria reduce im petrol depot price by N2 per litre, to N1,074 per litre from N1,076 per litre, making am one of the cheapest suppliers for Lagos market. But most other major marketers, including NIPCO, Sahara Energy, Aiteo, and African Terminal, maintain their previous petrol prices, showing relative stability for petrol segment despite increasing competition among suppliers.
For Lagos, depot prices for petrol remain largely within a narrow band of N1,074 to N1,075 per litre, indicating a stable wholesale market despite fluctuations for international crude oil prices.
Unlike petrol, diesel market record widespread increases across Lagos depots. African Terminal increase im diesel price from N1,410 to N1,450 per litre, while Duport, Ibachem, Ibeto, and T-Time implement similar N40 per litre increases to N1,450.
For contrast, Port Harcourt market witness notable reduction for diesel prices. Matrix Depot reduce im AGO price by N50 per litre, from N1,550 to N1,500, providing some relief to industrial users and transport operators. Sigmund also adjust im diesel price downward by N3 per litre, from N1,463 to N1,460.
Petrol prices for Port Harcourt remain stable, with Matrix maintaining im PMS price at N1,100 per litre.
For Warri, competition result for slight petrol price reductions. Nepal and Optima each reduce petrol prices by N2 per litre to N1,083, while Parker lower im price by N1 to N1,084. M Shafa maintain prices at N1,085 per litre and im diesel price at N1,435 per litre.
For Calabar, Soroman hold im PMS price steady at N1,100 per litre, while Fynfield increase im diesel price by N30 per litre, from N1,450 to N1,480.
