The Nigerian National Petroleum Company (NNPC) Limited has lowered the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
This reduction, which took effect on Wednesday, marks a drop of N100 from the previous price of N1,230 per litre in Lagos and a N95 decrease from N1,260 per litre in Abuja.
In Lagos, the new rates were implemented at filling stations in areas such as Isheri Oshun Road, Apple Junction, and Ago Palace Way, while in Abuja, adjustments were seen at outlets in Jabi and Wuse.
Read Also: Dangote Refinery Slashes Petrol Price To N1,075 Per Litre
This price cut occurs even though independent oil marketers have yet to fully pass on a recent N100 per litre reduction in the gantry price at the Dangote Petroleum Refinery, which lowered its rate to N1,075.
The downward trend follows a decline in global crude oil prices, which fell to approximately $88 per barrel after peaking at $110.
The earlier spike was driven by Middle East tensions involving the United States, Iran, and Israel, which raised fears of a potential blockade of the Strait of Hormuz.
However, the market began to stabilize after United States President Donald Trump suggested the conflict could end soon, remarking on Monday that the war against Iran “is very complete” and that Washington was “very far ahead” of its initial schedule.
Global benchmarks responded, with Brent crude falling by roughly 8.45 per cent to settle around $92 per barrel.
This decline was further supported by an agreement among European and other IEA member countries to release a record 400 million barrels of oil from their emergency reserves to stabilize global supply.
