Fuel price: NMDPRA reveals when petrol prices will drop

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced when consumers can anticipate lower fuel prices across the nation. George Ene-Ita, head of public affairs at NMDPRA, commented on potential price reductions in an interview, stating that they may occur once the domestic refining sector strengthens.

This came as fuel and petroleum product prices have recently risen nationwide. In the past two weeks, petrol prices have increased to between N1,310 and N1,350 per litre, up from between N1,210 and N1,275, following depot owners and Dangote Refinery raising their ex-depot and gantry prices. The NMDPRA spokesperson clarified that petrol pump prices in the country have been fully deregulated.

Factors influencing fuel price fluctuations include the state of domestic refining, crude oil sourcing as feedstock, and the time lag between offshore crude oil acquisition and refinery arrival. When inquired about when Nigerians could experience relief, Ene-Ita indicated that a more robust, competitive, and sustainable domestic refining ecosystem would likely result in clearer and more advantageous pricing for consumers.