The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail outlets, lowering the cost by N100 per litre in Lagos and N95 per litre in Abuja. The new adjustment brings the price to about N1,130 per litre in Lagos and around N1,165 per litre in Abuja.
The reduction represents a drop from the previous prices of N1,230 per litre in Lagos and N1,260 per litre in Abuja. The revised prices were already being dispensed at several filling stations operated by the national oil company across both cities.
Checks at some retail stations in Lagos showed the new price being sold at outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way, where customers began purchasing fuel at the reduced rate. Similar adjustments were also observed at NNPC retail stations in Abuja including locations in Jabi, Lifecamp, Wuse Zone 5 and Wuse Zone 4.
The price adjustment comes shortly after a reduction in the ex-gantry price of petrol by the Dangote Refinery, which recently lowered its rate to about N1,075 per litre. The move by the refinery followed changes in global oil market conditions and was expected to influence pump prices across the country.
Global oil prices have also shown signs of easing in recent days, with Brent crude dropping significantly from earlier highs. Analysts say the decline in international oil prices and adjustments by local suppliers could contribute to further changes in domestic fuel pricing if the trend continues.
The development is expected to provide some relief to motorists and businesses facing high transportation and energy costs, although petrol prices remain significantly higher than previous years following the removal of fuel subsidies and market-driven pricing of petroleum products in Nigeria.
