Some motorists in the Federal Capital Territory (FCT) have expressed relief and happiness over the slight reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol.

Speaking to the News Agency of Nigeria (NAN) in Abuja, they acknowledged that even a small reduction in fuel prices can significantly impact their daily expenses, especially for those who rely on their vehicles for work and transportation.

NAN reports that the Nigerian National Petroleum Company Limited (NNPCL) recently reduced the pump price of petrol from ₦980 to ₦965 per liter. This change also influenced other fueling stations, which adjusted their prices slightly downward, bringing the price range to between ₦1,010 and₦1,050 per liter, depending on the location and marketer.

Motorists' Reactions

Motorists welcomed the reduction, though some wished for a more substantial decrease to ease the burden on their finances.

Alhaji Umar Yusuff, a commercial driver in Abuja, stated that fuel price fluctuations are a direct result of the deregulation policy, where market forces determine the price. He noted that prices are influenced by factors such as exchange rates, international crude oil prices, and local supply chain logistics.

"We are happy that the price has dropped, even if it' s just by a little. But we still hope it comes down further because transportation costs have been too high for both drivers and passengers," he said.