The Nigerian National Petroleum Company (NNPC) Limited has reduced petrol prices at its retail outlets, bringing the cost down to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja.
The price cut, which took effect Wednesday, marks a drop of ₦100 in Lagos (from ₦1,230) and ₦95 in Abuja (from ₦1,260). In Lagos, the new rates were reported at NNPC stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way, while in Abuja, the reduction applied to outlets in Jabi and Wuse.
The move comes even as many oil marketers have yet to pass on a recent reduction in the gantry price of petrol by Dangote Petroleum Refinery. The refinery had earlier lowered its gantry price by ₦100 per litre to ₦1,075, following a decline in global crude oil prices from $110 to about $88 per barrel.
The earlier surge in crude oil prices was linked to geopolitical tensions in the Middle East, particularly involving the United States, Iran, and Israel, which raised concerns over a potential blockade of the Strait of Hormuz. Prices began to ease after statements from former US President Donald Trump indicated that the conflict could soon end.
Market data also showed that Brent crude, the global oil benchmark, fell by around 8.45% to $92 per barrel, reflecting easing concerns about prolonged supply disruptions.
NNPC Cuts Petrol Prices in Lagos , Abuja
