The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja. represents a reduction of ₦100 from the previous ₦1,230 per litre in Lagos and ₦95 from ₦1,260 per litre in Abuja.
Checks showed that the revised price was already reflected at several NNPC retail outlets in Lagos, including stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way.
Similarly, motorists in Abuja observed the new price of ₦1,165 per litre at NNPC filling stations located in Jabi and Wuse.
The development offers slight relief to consumers who have faced repeated petrol price increases in srecent months.
The latest adjustment comes despite many oil marketers yet to reflect the earlier reduction in the gantry price of petrol by the Dangote Petroleum Refinery.
The refinery had recently reduced its gantry price by ₦100 per litre to ₦1,075, following a decline in global crude oil prices.
The earlier spike in crude oil prices was linked to rising geopolitical tensions involving the United States, Iran, and Israel, which raised fears of disruptions to global oil supply.
Particular concerns were centred around the Strait of Hormuz, through which a significant portion of the world’s oil shipments passes.
However, oil prices began to decline after Donald Trump indicated that the conflict could end soon, easing concerns about prolonged supply disruptions.
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Market data showed that Brent crude, the global oil benchmark, dropped by about 8.45 per cent, falling from roughly $110 per barrel to around $92 per barrel.
The decline followed discussions among European ministers about the possible release of strategic oil reserves to stabilise global energy markets.
