NNPC Slashes Petrol Price To ₦1,130 In Lagos, ₦1,165 In Abuja
NNPC Announces Fresh Petrol Price Cut
THE Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail stations in Lagos and Abuja, offering motorists a modest relief amid fluctuating fuel costs.
The adjustment, which took effect on Wednesday, sets the new pump price at ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja.
The new pricing represents a reduction of ₦100 from the previous ₦1,230 per litre in Lagos and ₦95 from ₦1,260 per litre in the federal capital.
New Prices Observed at Filling Stations
Checks at several retail outlets confirmed the new pricing structure.
In Lagos, the reduced price was observed at NNPC stations along Isheri Oshun Road, Apple Junction and Ago Palace Way.
Similarly, NNPC retail outlets in Jabi and Wuse areas of Abuja were dispensing petrol at the revised price of ₦1,165 per litre.
The adjustment marks one of the notable downward price movements since the deregulation of Nigeria’s petrol market.
Dangote Refinery Price Reduction
The price cut comes despite many independent oil marketers yet to adjust their retail prices following a recent reduction in the gantry price of petrol by the Dangote Petroleum Refinery.
The refinery had earlier lowered its gantry price by ₦100 per litre to ₦1,075.
Industry analysts say such adjustments at the refinery level often take time to reflect fully in retail pump prices due to distribution costs, logistics and existing stock held by marketers.
Global Oil Market Influences
The latest reduction also coincides with declining global crude oil prices.
Market data shows that Brent crude — the global oil benchmark — fell by about 8.45 per cent to roughly $92 per barrel from about $110 per barrel in recent weeks.
Earlier spikes in crude prices had been driven largely by geopolitical tensions involving the United States, Iran and Israel.
The tensions raised fears of potential disruptions to global oil supply, particularly concerns about a possible blockade of the strategically important Strait of Hormuz — one of the world’s most critical oil shipping routes.
Signs of Stability in Global Oil Supply
Oil prices began to ease after Donald Trump, President of the United States, suggested that the conflict could soon de-escalate.
His comments helped calm fears of prolonged disruption to oil supply chains.
Further downward pressure on prices came after meetings among European ministers exploring the possible release of strategic oil reserves to stabilise the market.
Impact on Nigerian Consumers
For Nigerian motorists and businesses, the reduction by NNPC offers a small but noticeable relief from the high fuel costs that have persisted since the removal of petrol subsidies.
However, analysts note that fuel prices remain sensitive to fluctuations in global crude oil markets, exchange rate movements and domestic supply dynamics.
Whether the latest price cut signals a longer-term downward trend will largely depend on developments in the global energy market and Nigeria’s evolving petroleum supply chain.
