NNPC cuts the petrol price in N910 in Abuja in the middle of the global petroleum dip

The Nigerian National Petroleum Company Limited (NNPC) has reduced the price of the pump of the Premium motor spirit (PMS), commonly known as petrol, at ₦ 910 per liter in its retail stations in Abuja, marking a significant ₦ 35 drop from the previous ₦ 945 per liter.

The platform met on Sunday that the price bar was observed in several stores in the capital of the nation, with some stations along Lugbe and Airport Roads selling petrol at ₦ 935 per liter.

This development comes in the wake of the drop in international raw prices. Brent Crude, the global benchmark, went down to $ 68.30 per barrel to June 4, triggering a chain effect in the mechanisms of local prices.

In a correlated move, the petroleum refinery of dance on 1 July has also announced a downward adjustment of its former petrol price at ₦ 840 per liter, reflecting the changes in progress in the global oil market and in the conditions of internal supply.

In the meantime, the Nigerian Midstream and the downstream Petroleum Regulatory Authority (Nmdpra) have announced their intention to convene a forum of the parties concerned to deliberate on a structured picture of petrol prices.

The event, scheduled for 23 and 24 July, will bring together marketers, refineries, operators and government agencies to develop guidelines aimed at stabilizing the market downstream.

Speaking of the expected summit, Francis Ogaree, executive director for hydrocarbons processing systems at Nmdpra, said that the forum will face price standards, concerns about the supply and availability of raw materials.

While the reduction offers a measure of relief to the residents of Abuja who fight increasing living costs, petrol prices in other parts of the country, in particular in remote areas, remain significantly higher, highlighting the persistent issues of distribution inequality and logistical challenges.

The new price comes between public requests for transparency in the oil sector and the growing concerns about the silence of the federal government on requests for subsidies after the declaration of the deregulation of last year.

While the Nigerians await clarity on the future of fuel prices, the sector analysts say that further adjustments may depend on the result of the next Nmdpra summit and global oil trends.

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