Despite the recent reduction in petrol prices, traders and transporters across Lagos have refused to lower their prices, leaving residents frustrated and struggling with the high cost of living.

A survey conducted by PUNCH Metro in markets across Mile 12, Mushin, and Balogun parts of Lagos, on Saturday, showed that prices of essential goods such as foodstuffs, household items, and even transport fares have remained prohibitive, despite expectations that the reduction in fuel costs would bring relief.

Speaking with PUNCH Metro, Mr. Bayo Adebayo, a commuter at the Ojota bus park, expressed his frustration that the price of fuel had dropped, but the price of food and transport fares hadn’t.

“Before, I used to pay N800 as the fare from Ojota to Oshodi when fuel was N1,200 per litre. Now that fuel is around N890, I still pay the same fare. It doesn’t make sense. Why are transporters not reducing their fares?”

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At the Ketu Market, traders blamed high logistics costs and inconsistent fuel prices for their refusal to lower prices. A tomato seller, Mrs. Oluchi Nwosu, said, “Even though fuel has come down a little, the cost of bringing goods from the North is still high. Transporters tell us that they are afraid prices will go up again, so they keep charging us the same amount.”

Commercial drivers, however, insist that factors beyond petrol prices affect their fares. A danfo driver, Mr Yusuf Lawal, told PUNCH Metro that the cost of vehicle maintenance and spare parts remained high.

“The prices of engine oil, tyres, and other parts have not reduced. If we reduce fares now and fuel prices go up tomorrow, we will be the ones suffering. Nigerians must understand that fuel is not the only thing that affects transport prices,” he said.

Economists argue that the slow adjustment of prices is due to the structure of Nigeria’s economy. A financial analyst, Dr Tope Aluko, explained that prices of goods and services tend to rise quickly when fuel prices increase but are slow to drop when fuel costs go down.

“This is called price stickiness. Many businesses adjust prices upwards during a crisis, but when the crisis eases, they hesitate to bring prices back down because they fear future uncertainty. The government needs to step in and ensure that Nigerians benefit from lower fuel prices,” he advised.

Efforts to get a response from the Federal Competition and Consumer Protection Commission were unsuccessful as officials contacted on Sunday declined to comment. However, consumer rights activists are calling on the government to intervene and monitor price regulations.

For many Nigerians, the refusal of traders and transporters to reduce their prices is deepening economic hardship.

A schoolteacher in Surulere, Lagos, Mrs. Taiwo Adeyemi, lamented:

“Everything is expensive! Fuel has dropped, but food costs, transport fares, and even rent are still high. We are suffering. The government must do something.” (The PUNCH)