In a surprising move that could ease the burden on motorists, the Nigerian National Petroleum Company (NNPC) Limited has slashed the pump price of petrol at its retail outlets in Abuja and parts of northern Nigeria.
Our correspondent confirmed that NNPC stations in Abuja, Kaduna, and Kano are now dispensing Premium Motor Spirit (PMS) at N910 per litre — a N35 reduction from the previous rate of N945.
Meanwhile, other independent fuel stations across the capital city have also adjusted their prices slightly, selling petrol at around N935 per litre, particularly in areas like Lugbe and Airport Road.
This change coincides with the drop in global oil prices, with Brent crude dropping to $68.30 per barrel as of 4th June.
Because of this global trend, Dangote Petroleum Refinery reduced its wholesale petrol price to N840 per litre on 1st July.
With petrol prices changing regularly, Francis Ogaree from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said on 5th July that his agency plans to bring together industry players to establish petrol pricing guidelines.
The meeting, set for 23rd and 24th July, will also tackle concerns about supply problems in the oil industry.
Ogaree said the summit will bring together marketers, refiners, operators, and government officials to discuss pricing standards, raw material availability, and ways to stabilise the deregulated petroleum market.
(TheCable)
