The Nigerian National Petroleum Corporation (NNPC) and Petroleum Products Pricing Regulatory Agency are 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. 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.
The cargo price has been on the downward trend and could necessitate the corporation reviewing its pump price to reflect the market realities. It will be 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.