The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in petrol prices in Abuja. According to The Cable’s Sunday report, NNPC outlets are now offering petrol for N910 per litre, which is N35 less than the previous price of N945. Other petrol stations in the area, such as those on Lugbe and Airport Road, are selling petrol for N935 per litre.
This price change coincides with a fall in global oil prices, with Brent crude priced at $68.30 per barrel as of June 4th.
Following this trend, Dangote Petroleum Refinery lowered its wholesale petrol price to N840 per litre on July 1st.
To further address fluctuating prices, Francis Ogaree from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has scheduled a meeting for July 23rd and 24th to discuss petrol pricing guidelines. This summit will gather marketers, refiners, operators, and government officials to tackle pricing standards and supply chain issues within the petroleum industry.
