[REFLECTIONS] Fuel Prices Must Reflect Falling Crude Oil Costs: A Call to Nigerian Media, Civil Society and Regulatory Authorities, By Rasheed Bolarinwa
From monitoring developments in the media over the past few days, one question continues to stand out. With Brent crude oil now trading below $76 per barrel—and having fallen even lower before the recent escalation involving the United States, Israel and Iran—why have domestic fuel prices remained largely unchanged?
Despite the significant decline in global crude oil prices, many refiners and petroleum marketers have yet to adjust the prices of petrol (PMS), diesel and aviation fuel to reflect current market realities. PMS, for instance, continues to sell at around ₦1,220 per litre in some locations, even though many Nigerians expected a substantial downward review following the drop in crude oil prices.
What is particularly troubling is the speed with which fuel prices are increased whenever crude oil prices rise. Upward adjustments are often implemented almost immediately, yet reductions in international crude oil prices rarely appear to trigger a corresponding response at the pumps.
This apparent imbalance raises legitimate concerns about fairness, transparency and consumer protection. At a time when millions of Nigerians are grappling with economic hardship, every opportunity to reduce the cost burden on citizens should be embraced.
The Nigerian media, civil society organisations and relevant regulatory authorities have a responsibility to interrogate this situation and demand greater accountability from all stakeholders in the downstream petroleum sector. Nigerians deserve clear explanations of the pricing mechanisms being applied and why the benefits of lower crude oil prices are not being passed on to consumers with the same urgency as price increases.
The conversation we should be having is not merely about fuel prices; it is about fairness, transparency and the welfare of ordinary Nigerians.
Rasheed Bolarinwa, a strategic communications architect and a Fellow of National Institute of Marketing Nigeria (NIMN), writes from Lagos
