The Federal Government on Monday announced plans to hold a consultative meeting with refiners, depot owners, marketers and retailers to find common ground on the competitive pricing of fuel and other petroleum products in the interest of Nigerians.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in a notice by its spokesperson, George Ita-Ene, reminded stakeholders of the meeting scheduled for Tuesday, in compliance with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.
The move comes as fuel pump prices rose significantly to between N1,395 and N1,450 per litre in Abuja and other parts of the country.
Falling global crude oil prices have pushed Brent and West Texas Intermediate (WTI) down by more than 3 per cent to $100.50 and $92.43 per barrel, respectively, at the time of reporting.
Following the drop in crude oil prices, Dangote Refinery announced a N25 per litre reduction in its gantry price to N1,325 per litre on Monday. This came as DAILY POST had forecast that refiners and marketers were under pressure to reduce fuel prices.
Dangote Refinery’s latest price cut ended a more than two-week-long increase in fuel prices in Nigeria.
However, with the 700,000-barrel-per-day refinery reducing its gantry price, pump prices may fall in the coming days nationwide as petrol marketers weigh their options after the proposed meeting with the Nigerian government.
