NNPC Announces New Petrol Price 

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol or fuel, at its retail outlets in Abuja and neighbouring areas, as reported by Naija News.

Checks by journalists on Monday showed that NNPCL filling stations in the Federal Capital Territory and its environs had adjusted their pump price from ₦1,335 to ₦1,299 per litre.

Naija News reports that the latest reduction represents a ₦36 cut in the price of petrol per litre.

Daily Post observed the new price at some NNPCL retail outlets in Lugbe, along the Kubwa Expressway and in Wuse Zone 3, Abuja, as well as other areas within the Federal Capital Territory.

The development came two days after MRS filling stations, backed by the Dangote Refinery, reduced their petrol price by ₦40 per litre.

Following the reduction, MRS outlets began selling petrol at ₦1,265 per litre.

The move by MRS reportedly increased pressure on other filling station operators selling petrol at between ₦1,300 and ₦1,310 per litre to review their prices downward.

Meanwhile, the House of Representatives has begun moves to tackle lingering challenges in Nigeria’s downstream petroleum sector, declaring its opposition to the continued imposition of United States dollar-denominated charges on petroleum products refined within the country while also announcing plans to investigate alleged irregularities in the allocation of fuel import licences.

The House Committee on Petroleum Resources (Downstream) made this known last week Tuesday during an interactive session with stakeholders in the oil and gas industry, including the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and the Major Energies Marketers Association of Nigeria (MEMAN), Naija News reports.

The meeting forms part of the National Assembly’s ongoing review of the Petroleum Industry Act aimed at strengthening domestic refining, improving energy security and creating a more competitive downstream petroleum market.

Speaking during the session, the Chairman of the committee, Ikenga Ugochinyere, said the lawmakers would invite the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Ports Authority (NPA), the Central Bank of Nigeria (CBN), refiners and other relevant agencies to respond to the concerns raised by stakeholders.