NNPC reduces petrol price to N1,130 in Lagos, N1,165 in Abuja

The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

The reduction, which took effect on Wednesday, represents a drop of N100 from the previous price of N1,230 per litre in Lagos and N95 from N1,260 per litre in Abuja.

In Lagos, the new price was observed at NNPC filling stations located along Isheri Oshun Road, Apple Junction and Ago Palace Way.

Similarly, in Abuja, the national oil company adjusted its pump price to N1,165 per litre at its retail outlets in Jabi and Wuse.

The price cut comes despite oil marketers yet to reflect a recent reduction in the gantry price of petrol by the Dangote Petroleum Refinery.

Dangote Refinery had earlier lowered its gantry price by N100 per litre to N1,075 following a decline in global crude oil prices, which fell to about $88 per barrel from $110 per barrel.

The earlier surge in crude oil prices was largely linked to tensions in the Middle East involving the United States, Iran and Israel, which disrupted oil supply and triggered concerns over a possible blockade of the Strait of Hormuz.

However, oil prices began to decline after United States President Donald Trump said the conflict could end soon, easing fears of prolonged disruption to global oil supply.

Market data also showed that Brent crude, the global oil benchmark, fell by about 8.45 per cent to around $92 per barrel from $110 per barrel.

The decline followed meetings by European ministers to consider the release of oil reserves as part of efforts to stabilise global prices.

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