The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol to N890 per litre in Abuja.
The latest increase comes one week after the national oil firm dropped the commodity’s price to N895 – representing a N5 decrease.
TheCable observed on Wednesday that the petrol pump price was reviewed downwards in Federal Housing, Kubwa, and the Wuse, Zone 3 outlet.
However, petrol pump price remains at N865 per litre in Lagos.
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Earlier in July, Dangote refinery reduced its ex-depot price of petrol to N820 per litre — a week after it slashed the price to N840 per litre.
MRS Oil, one of Dangote’s partners, still sells at N885 in Abuja.
To address concerns over petrol pricing and supply challenges in the downstream sector, the federal government had scheduled July 23 and 24 for a national stakeholder forum amid growing calls by independent marketers for price regulation.
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Francis Ogaree, executive director of hydrocarbon processing plants, installation and transportation infrastructure at the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said stakeholders will deliberate on pricing standards, feedstock availability, and stability of the deregulated petroleum market.
