The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has explained when Nigerians could begin to enjoy lower Premium Motor Spirit (PMS) pump prices nationwide.
George Ene-Ita, Head of Public Affairs at the NMDPRA, said petrol prices could become more favourable for consumers when domestic refining capacity becomes more robust.
Ene-Ita made the disclosure in a recent interview amid a fresh increase in the pump prices of petrol and other petroleum products across the country.
According to him, stronger domestic refining would help improve the supply situation and create conditions for more competitive petrol prices.
The development comes as motorists and consumers grapple with another round of increases in petrol prices.
petrol prices have risen significantly across the country over the past two weeks, climbing to between ₦1,310 and ₦1,350 per litre, from about ₦1,210 to ₦1,275 per litre.
The increase followed upward adjustments in ex-depot and gantry prices by depot owners and the Dangote Refinery.
The latest price movement has renewed concerns over the impact of rising fuel costs on transportation, businesses and household expenses.
The NMDPRA, however, maintained that increased domestic refining remains key to achieving more favourable fuel prices for Nigerian consumers in the long term.
