The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS), better known as petrol, in Abuja.
It was observed on Sunday that NNPC retail outlets sold the product for as low as N910 per litre in Abuja.
The current price signifies a N35 drop from the previous price of N945 per litre.
In Abuja, the price of the product fell to N935 per litre at Lugbe, Airport Road.
The development comes amid declining global oil prices, with Brent crude falling to $68.30 per barrel as of June 4.
Following the current global outlook, Dangote Petroleum Refinery, on July 1, dropped its ex-depot petrol price to N840 per litre.
With the price fluctuating, Francis Ogaree, executive director of hydrocarbon processing plants, installation and transportation infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on July 5, said the agency plans to hold a stakeholders forum to establish petrol pricing guidelines.
The forum, slated for July 23 and 24, will also address concerns over supply challenges in the downstream sector.
Ogaree said the summit will bring together marketers, refiners, operators, and government officials to deliberate on pricing standards, feedstock availability, and ways to stabilise the deregulated petroleum market. [CONTINUE READING HERE]>>>>
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