The Nigerian National Petroleum Company Limited, NNPCL, has reduced its premium motor spirit price for the second time in one week.
The state-owned oil firm has adjusted its petrol price to N890 per litre from N895, representing a N5 per litre reduction.
NNPCL retail outlets along Kubwa Expressway, Gwarimpa, Wuse Zone 4, and others in Abuja have adjusted their pumps to the new price.
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The latest adjustment comes barely a week after the company implemented a retail price slash.
While NNPCL retail outlets dispense fuel at N890 per litre, Dangote Refinery’s retail partners, such as AP Ardova, Optima, MRS, and Bovas filling stations, sell at N885 per litre.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has called for a standard refined oil price in West Africa to end the importation of adulterated fuel into the region.
Speaking during the closing ceremony of the West African Refined Fuel Conference in Abuja, the Chief executive of NMDPRA, Farouk Ahmed, said the move would improve the refining capacity in Africa and expand Shipping activities.
“There are a lot of activities that will follow this and include employment, economic empowerment, and of course economic independence for both Africa and West Africa, and particularly in this case, Nigeria.
On his part, the Minister of Budget and National Planning, Sen. Abubakar Atiku Bagudu said increase in refining capacity in Nigeria will help the federal government to achieve its target of double digital GDP growth.
He said this will not be achieved without investors putting money in Nigeria’s oil and gas sector.
