The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, at its filling stations in Abuja and nearby areas.
Checks by journalists on Monday showed that NNPCL stations in the Federal Capital Territory (FCT) and surrounding areas reduced the price from N1,335 to N1,299 per litre.
The latest adjustment represents a N36 reduction in the pump price of petrol.
The new price was observed at NNPCL filling stations in Lugbe, along the Kubwa Expressway, Wuse Zone 3 and other parts of Abuja.
The price reduction came two days after MRS filling stations, supplied by the Dangote Refinery, cut the price of petrol by N40 per litre.
Following that adjustment, MRS stations began selling petrol at N1,265 per litre.
The reduction by MRS reportedly increased pressure on other filling station operators selling petrol between N1,300 and N1,310 per litre to also lower their prices.
Meanwhile, the House of Representatives has announced plans to address ongoing challenges in Nigeria’s downstream petroleum sector.
The House Committee on Petroleum Resources (Downstream) said it opposes the continued charging of petroleum products refined in Nigeria in United States dollars and plans to investigate alleged irregularities in the allocation of fuel import licences.
The committee made this known during an interactive meeting held last Tuesday 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).
The meeting is part of the National Assembly’s ongoing review of the Petroleum Industry Act, aimed at strengthening local refining, improving energy security and promoting a more competitive downstream petroleum market.
Speaking during the session, the Chairman of the House Committee on Petroleum Resources (Downstream), Ikenga Ugochinyere, said 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.
