Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The Federal Government on Monday announced plans to meet with refiners, depot owners, petroleum marketers and retailers to reach an agreement on competitive pricing of fuel and other petroleum products in the interest of Nigerians.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, disclosed this in a notice issued by its spokesperson, George Ita-Ene, reminding stakeholders of the consultation scheduled for Tuesday in line with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.

The planned meeting comes amid a significant rise in petrol pump prices, which have climbed to between N1,395 and N1,450 per litre in Abuja and other parts of the country.

Meanwhile, declining international crude oil prices have pushed Brent and West Texas Intermediate, WTI, down by more than three per cent to $100.50 and $92.43 per barrel respectively at the time of filing the report.

Following the fall in crude oil prices, Dangote Refinery on Monday announced a N25 per litre reduction in its gantry price, bringing it down to N1,325 per litre.

The development came after ZINGTIE had projected that refiners and marketers would come under pressure to lower petrol prices.

The latest adjustment by Dangote Refinery brought an end to more than two weeks of rising fuel prices across Nigeria.

With the 700,000-barrel-per-day refinery cutting its gantry price, pump prices could decline nationwide in the coming days as petrol marketers consider their next steps following the proposed engagement with the Federal Government.

N500 per litre fuel price impossible — Gillis-Harry

Speaking exclusively to DAILY POST, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, said a possible reduction in petrol prices could not be ruled out during Tuesday’s consultation involving the NMDPRA, FCCPC and other stakeholders.

However, he maintained that the N500 per litre petrol price being demanded by the civil servants’ union was not realistic given the prevailing circumstances.

He said PETROAN and other stakeholders would prioritise the interests of Nigerians but would not do so at their own expense.

“Nigerians will always have the best from every one of us. The only thing, we will not do it at our detriment, because we can’t go out and do it. But we will always do what we must have to do to give the best for the Nigerian,” he said.

He further stated that “N500 per litre fuel price is not possible to happen. Unless we are talking about just destroying the country again, with subsidies that will not pay anybody.

“Those demanding N500 per litre fuel should go and build their refinery and get their logistics, and get their retail outlets to sell at N500 per litre.”

Meanwhile, civil servants under the Joint National Public Service Negotiating Council have written to President Bola Tinubu, demanding that the petrol pump price be reduced to N500 per litre or that the minimum wage be increased to N500,000.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.