The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reduced the pump price of petrol at its retail outlets in Lagos and Abuja, offering relief to motorists amid recent volatility in global oil markets.
At several NNPC filling stations across Lagos, including outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way, petrol is now selling for N1,130 per litre, down from the previous price of N1,230 per litre.
In the Federal Capital Territory, Abuja, the national oil company also cut the price to N1,165 per litre at its retail stations in Jabi and Wuse, compared with the earlier N1,260 per litre.
The adjustment represents a N100 per litre reduction in Lagos and a N95 drop in Abuja, although some independent marketers are yet to implement the new price.
Dangote Refinery Price Cut
The development comes after the Dangote Petroleum Refinery recently lowered its gantry price of petrol to N1,075 per litre, following a decline in global crude oil prices.
Industry observers say the adjustment in domestic pump prices reflects the downward trend in international oil markets after weeks of heightened volatility.
Global Oil Prices Ease
Analysts had earlier linked the spike in crude oil prices to rising geopolitical tensions in the Middle East involving the United States, Iran, and Israel, which raised fears of supply disruptions and a possible blockade of the Strait of Hormuz, a critical global oil shipping route.
However, crude prices began to decline after signals from Washington suggested the conflict could de-escalate, alongside discussions by European energy ministers on releasing strategic oil reserves to stabilise global markets.
As a result, Brent crude, the global oil benchmark, dropped by about 8.45 per cent to around $92 per barrel, down from $110 per barrel, contributing to the recent adjustment in Nigeria’s petrol pump prices.
