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NNPC may reduce price of petrol

22 November 2016, 17:06

Abuja - The Nigerian National Petroleum Corporation (NNPC) is considering reducing the pump price of fuel in all its retail outlets across the country.

The proposed downward review of the pump price of petrol was possible from a reported consistent drop in the historical price of petroleum cargoes from about $600 per metric tonne to an average of $440 per metric tonne.

Also read: Petrol is sold above N145/litre in 16 states

The cargo price is one of the key elements often considered by the Petroleum Products Pricing and Regulatory Agency (PPPRA) in its calculation of the template for petrol pump price, according to Thisday

The cargo price has been on the downward trend and could necessitate the corporation reviewing its pump price to reflect the market realities.

News 24 recalled that the corporation had recently hiked the pump price of the product.

All NNPC controlled retail outlets now sells at N145 naira per liter as against previous N141,

- News 24

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