The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in its petrol prices in Abuja. As reported by The Cable on Sunday, petrol is now available at N910 per litre at NNPC retail outlets, reflecting a decrease of N35 from the previous price of N945 per litre. Other stations in the capital, including those on Lugbe and Airport Road, are selling petrol for N935 per litre.
This price adjustment aligns with the recent decline in global oil prices, with Brent crude now at $68.30 per barrel as of June 4th.
In response to the changing market, Dangote Petroleum Refinery has also lowered its wholesale petrol price to N840 per litre as of July 1st.
In light of these fluctuations, Francis Ogaree from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced plans for a meeting on July 23rd and 24th to establish petrol pricing guidelines. This summit will bring together marketers, refiners, operators, and government officials to address pricing standards and supply chain issues within the oil sector.