The Nigerian National Petroleum Corporation (NNPC) may undertake a downward review of the pump price of petrol in its retail outlets across the country, ThisDay reports.
It was gathered from an authoritative source within the corporation in Abuja that this 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.
NNPC had recently adjusted the pump price of petrol at its outlets, thus raising fears of a possible hike. The development also followed claims in August by its former Group Managing Directors that the government’s pricing modulation framework was not economical for the downstream petroleum business.