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 has learnt. Information 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 source however stated that 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. This, he noted, has been on the downward trend and could necessitate the corporation reviewing its pump price to reflect the market realities. The other key element being the foreign exchange has been left floating by the Central Bank of Nigeria (CBN). He also explained that the corporation has spent a lot of energies securing its petrol supplies and distribution networks to keep the country from what he described as system sabotage during the yuletide season by some marketers.
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