Motorists in the Federal Capital Territory (FCT) have expressed growing concern over the persistent high cost of Premium Motor Spirit (PMS), commonly known as petrol, despite a recent decline in global crude oil prices.

Many residents across Abuja say they expected fuel prices to drop following reports of falling international oil prices and recent reductions in ex-depot petrol prices by major suppliers.

However, several filling stations in the capital have continued to sell petrol at rates motorists describe as excessive, prompting complaints about the rising cost of transportation and living.

Speaking to reporters, commuters and vehicle owners noted that the expected relief has yet to materialize, with pump prices at many retail outlets remaining largely unchanged.

They argued that the continued high fuel costs are placing additional pressure on households already grappling with inflation and economic challenges. The concerns come amid recent adjustments in the downstream petroleum sector, including price reductions announced by major refiners and marketers.

Industry observers had anticipated that the lower supply costs would translate into cheaper fuel at filling stations nationwide. Some motorists accused marketers of failing to pass on the benefits of reduced crude oil prices to consumers.

They maintained that transport fares, food prices, and the cost of goods and services remain heavily influenced by fuel prices, making any delay in price reductions particularly burdensome.

Meanwhile, industry stakeholders have attributed the slow adjustment of pump prices to several factors, including the cost of transporting petroleum products, exchange rate fluctuations, operational expenses, and existing fuel stocks purchased at higher prices.

Officials of petroleum marketers' associations have also argued that retail prices may not immediately reflect changes in international crude oil markets due to supply chain considerations and inventory costs.

Economic analysts say a sustained decline in global oil prices could eventually lead to lower pump prices if market conditions remain stable.

They, however, noted that the deregulated nature of Nigeria's downstream petroleum sector means that fuel prices are now influenced by multiple factors beyond crude oil prices alone.

As motorists continue to call for relief, attention remains focused on petroleum marketers and regulatory authorities to ensure that any reductions in supply costs are reflected at the pumps for the benefit of consumers.