The Nigerian National Petroleum Company, NNPC, Limited has reduced the pump price of petrol at its retail outlets, bringing relief to motorists in Lagos and Abuja.
At NNPC stations in Lagos, including Isheri Oshun Road, Apple Junction, and Ago Palace Way, petrol now sells for N1,130 per litre, down from N1,230.
In the nation’s capital, Abuja, the price has been adjusted to N1,165 per litre at retail outlets in Jabi and Wuse, a drop from the previous N1,260.
The reduction follows a N100 per litre decline in Lagos and a N95 per litre decrease in Abuja, despite some oil marketers yet to reflect the recent price cut by Dangote Petroleum Refinery.
Dangote had earlier reduced its gantry price to N1,075 per litre following a fall in global crude oil prices, which dropped to around $88 per barrel from $110 per barrel.
Analysts linked the earlier surge in crude prices to tensions in the Middle East involving the United States, Iran, and Israel, which raised concerns over oil supply and a possible blockade of the Strait of Hormuz.
The decline in prices came after statements from the US suggesting the conflict could ease, as well as European ministerial meetings on releasing oil reserves to stabilise global markets.
Brent crude, the global oil benchmark, also fell by about 8.45 per cent to roughly $92 per barrel from $110, contributing to the downward adjustment in domestic pump prices.
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