The Nigerian National Petroleum Company (NNPC) Limited has reportedly cut its selling price of petrol in Abuja.
According to The Cable, on Sunday, NNPC retail outlets sold the product for as low as N910 per litre in Abuja.
This means petrol is now N35 cheaper than the previous price of N945 per litre. At other fueling stations in Abuja, petrol now costs N935 per litre, as seen at 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.
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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.
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