The Federal Government on Monday announced plans to hold a consultative meeting with refiners, depot owners, marketers and retailers to find common ground on the competitive pricing of fuel and other petroleum products in the interest of Nigerians.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, in a notice by its spokesperson, George Ita-Ene, reminded stakeholders of the meeting scheduled for Tuesday, in compliance with the Petroleum Industry Act and the Federal Competition and Consumer Protection Act.
The move comes as fuel pump prices rose significantly to between N1,395 and N1,450 per litre in Abuja and other parts of the country.
Falling global crude oil prices have pushed Brent and West Texas Intermediate (WTI) down by more than 3 per cent to $100.50 and $92.43 per barrel, respectively, at the time of reporting.
Following the drop in crude oil prices, Dangote Refinery announced a N25 per litre reduction in its gantry price to N1,325 per litre on Monday. This came as DAILY POST had forecast that refiners and marketers were under pressure to reduce fuel prices.
Dangote Refinery’s latest price cut ended a more than two-week-long increase in fuel prices in Nigeria.
However, with the 700,000-barrel-per-day refinery reducing its gantry price, pump prices may fall in the coming days nationwide as petrol marketers weigh their options after the proposed meeting with the Nigerian government.
N500 per litre fuel price impossible — Gillis-Harry
Speaking on the development in an exclusive interview with DAILY POST, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, said stakeholders would not rule out the possibility of a fuel price reduction at Tuesday’s consultation with the NMDPRA, FCCPC and others.
However, he said the N500 per litre fuel price demanded by the civil servants’ union was practically impossible, given the realities on the ground.
According to him, PETROAN and other stakeholders would place the interests of Nigerians first, but not to their detriment.
“Nigerians will always have the best from every one of us. The only thing, we will not do it at our detriment, because we can’t go out and do it. But we will always do what we must have to do to give the best for the Nigerian,” he told DAILY POST.
He added that “N500 per litre fuel price is not possible to happen. Unless we are talking about just destroying the country again, with subsidies that will not pay anybody.
“Those demanding N500 per litre fuel should go and build their refinery and get their logistics, and get their retail outlets to sell at N500 per litre.”
DAILY POST reports that civil servants under the Joint National Public Service Negotiating Council have written to President Bola Tinubu, asking him to either reduce the fuel pump price to N500 per litre or increase the minimum wage to N500,000.
Dangote Refinery: Fuel marketers mull petrol price cut as FG meets stakeholders