The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol at its retail outlets nationwide, lowering the cost to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja.
The latest adjustment reflects a ₦100 reduction from the previous ₦1,230 per litre in Lagos and a ₦95 drop from ₦1,260 per litre previously sold in Abuja.
Findings show that the new prices have already taken effect at several NNPC stations in Lagos, particularly along Isheri Oshun Road, Apple Junction, and Ago Palace Way, where motorists were seen buying petrol at the revised rate.
Similar changes were observed in Abuja, where NNPC filling stations in Jabi and Wuse have updated their pump prices to ₦1,165 per litre.
The price reduction comes as a welcome development for consumers who have grappled with persistent increases in petrol costs in recent months.
Industry observers say the adjustment follows a recent price cut by the Dangote Petroleum Refinery, which reduced its gantry price for petrol by ₦100, bringing it down to ₦1,075 per litre.
The refinery’s decision was influenced by a decline in global crude oil prices after weeks of volatility in the international market.
The earlier surge in crude prices had been triggered by heightened geopolitical tensions involving the United States, Iran and Israel, raising concerns about potential disruptions to global oil supply routes.
Particular attention had been focused on the Strait of Hormuz, a vital maritime corridor through which a significant share of global oil shipments passes.
However, oil prices began to ease after Donald Trump indicated that the conflict could end soon, helping calm fears of prolonged supply disruptions.
As a result, Brent crude, the global oil benchmark, declined by about 8.45 per cent, dropping from around $110 per barrel to roughly $92 per barrel.
The downward trend was also supported by talks among European energy ministers over the potential release of strategic oil reserves aimed at stabilising the global energy market.
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