The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reduced the pump price of petrol at its retail outlets in Lagos and Abuja, offering some relief to motorists amid recent volatility in global oil markets.
Checks at several NNPC filling stations across Lagos, including outlets along Isheri Oshun Road, Apple Junction, and Ago Palace Way, show that petrol is now selling for N1,130 per litre, down from the previous price of N1,230 per litre.
In the Federal Capital Territory, petrol prices were also reduced at NNPC retail stations in Jabi and Wuse in Abuja, where the product now sells for N1,165 per litre, compared with the earlier price of N1,260 per litre.
The latest adjustment represents a N100 per litre reduction in Lagos and a N95 drop in Abuja, although some independent marketers are yet to reflect the new pricing.
The price cut follows a recent reduction in the gantry price of petrol by the Dangote Petroleum Refinery, which lowered its rate to N1,075 per litre after a decline in global crude oil prices.
Industry observers say the adjustment in domestic pump prices mirrors the downward trend in international oil markets after weeks of heightened volatility.
Earlier spikes in crude oil prices were linked to rising geopolitical tensions in the Middle East involving the United States, Iran, and Israel, which raised fears of supply disruptions and a potential blockade of the Strait of Hormuz, one of the world’s most critical oil shipping routes.
However, prices began to ease following signals from Washington suggesting that 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, fell 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.
