Despite the drop in gas prices, Nigerians have bemoaned the fact that transportation companies have not lowered fares across the country.

Instead, these irate Nigerians said, prices continue to rise. On December 19, 2024, the Dangote refinery lowered the ex-depot price of its gasoline from N970 to N899.50 per litre.

The downstream industry saw fierce pricing rivalry as a result, and the NNPCL was forced to lower its ex-depot price to N899 per liter.

To the delight of Nigerians, the refinery also announced that it would partner with MRS Petrol station to offer petrol from its retail outlets countrywide for N935 per litre.

Aliko Dangote, president of Dangote Industries Limited, has explained that the complicated dynamics of market forces were the main cause of the recent drop in the price of Premium Motor Spirit, also referred to as gasoline, to N899.50 per litre at its loading gantry.

Although the price of gasoline has decreased, Nigerians have bemoaned the fact that transporters have not adjusted their fares to reflect the shift.

Evie Lucky told Legit.ng, “We keep blaming the government for bad economic decisions whereas we are the problem. How is it that transportation cost is yet to decline despite fuel price dip?”

Chigozie Phillip said, “I think the government needs to step in regarding this transportation fee because motorists are exploiting passengers. They have refused to bring down the price despite that petrol price has gone down.”

How NACCIMA reacts

Dele Oye, President of the National Association of Chambers of Commerce Industry, Mines, and Agriculture, however stated that the dollar was the main factor, The Punch reported.

“The main thing that affects all the prices is the dollar. The dollar is affecting power, it is affecting everything in our lives. Because we are a demand economy,” Oye said.

The fact that Nigeria is not a supply economy is another important aspect, he claims.

“We are not a supply economy. A demand economy means most of the things you use are goods from outside Nigeria. If we were a supply economy, it would be that most of the things we can produce, like Turkey, which is a supply economy,” he said. According to the head of NACCIMMA, Nigeria's production capacity is insufficient to meet 30% of its needs.

“Our production capacity is not even 30 per cent of our needs. So that’s why everything, all the vehicles on the road, imagine all of them, 99 per cent are imported,” Oye stated.

He insisted that giving the private sector access to single-digit capital is the only way for Nigeria's economy to expand.

“Once they have those single digits, it will increase production and people will be able to buy the goods. Import substitution,” he advised.