Dangote Refinery, depot owners, and petroleum products marketers have agreed to further slash premium motor spirit prices across the value chain after meeting with the Nigerian government.
DAILY POST reported on Monday that the federal government had insisted on further fuel price cuts by Dangote Refinery, depot owners, and marketers, respectively, on the basis of falling crude oil prices.
The Nigerian government stood on this ground in a meeting with the oil downstream sector’s regulator, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, with the attendance of stakeholders within the value chain, including Dangote Refinery, depot owners and petrol marketers.
Nigerian Government had warned refiners and marketers on adherence to cost-reflection prices commensurate with the $72 per barrel Brent crude price amid war escalation in the Middle East.
NMDPRA’s position is that fuel price, indeed, other petroleum products should drop further.
The chief executive of NMDPRA, Rabiu Umar, stated this during Monday’s stakeholders meeting on cost-reflective pricing of petrol in Abuja.
Providing further details on the meeting, both the president of the Petrol Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, and the president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, in separate interviews with DAILY POST, confirmed that fuel prices would further drop nationwide.
According to them, petrol may decline further to around N1000 or less if crude oil price continues to fall.
Gillis-Harry told DAILY POST that fuel price is to be reduced below its current rates of N1150 and N1299 per liter
