The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of premium motor spirit (PMS) or petrol to N895 per litre in Abuja and N865 per litre in Lagos.
At NNPC retail outlets in Abuja, the price of petrol dropped by N15 from N910 to N895 per litre. In Lagos, the price was slashed by N20 from N885 to N865 per litre.
This development comes as the downstream sector experiences growing competition between the NNPC and Dangote Petroleum Refinery. On July 8, the Dangote refinery reduced its ex-depot price of petrol to N820 per litre.
The price reduction is also happening ahead of a national stakeholder forum scheduled for July 23 and 24. The forum, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), aims to address concerns over petrol pricing and supply challenges.
Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, Installation and Transportation Infrastructure at NMDPRA, stated, “Stakeholders will deliberate on pricing standards, feedstock availability, and stability of the deregulated petroleum market.”
The forum seeks to find solutions to the challenges facing the downstream sector and ensure a stable supply of petroleum products
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