Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The reduction, effective Wednesday, marks a drop of N100 from the previous price of N1,230 per litre in Lagos and N95 from N1,260 per litre in Abuja.
In Lagos, the new price was observed at NNPC filling stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way. In Abuja, petrol now sells for N1,165 per litre at NNPC outlets in Jabi and Wuse.
The price cut comes even as oil marketers have yet to adjust their pump prices following a reduction in the gantry price of petrol by the Dangote Petroleum Refinery. Dangote had earlier lowered its gantry price by N100 per litre to N1,075, citing a decline in global crude oil prices from $110 to around $88 per barrel.
The earlier spike in crude oil prices was linked to geopolitical tensions in the Middle East involving the United States, Iran, and Israel, which disrupted supply and raised concerns over a potential blockade of the Strait of Hormuz.
However, oil prices began to ease after Donald Trump, then President of the United States, suggested the conflict could end soon, easing fears of prolonged disruption to the global oil market. Market data also indicated that Brent crude, the global benchmark, fell by about 8.45 per cent to around $92 per barrel.
The decline in prices followed meetings by European ministers considering the release of oil reserves to stabilise global markets, offering relief to consumers in Nigeria.
