The
Nigerian National Petroleum Corporation (NNPC) may undertake a downward review
of the pump price of petrol in its retail outlets across the country. It was
gathered yesterday 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. 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.
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