The Nigerian National Petroleum Company (NNPC) Limited has reduced petrol prices at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja. The new rates, effective Wednesday, mark a drop of N100 from Lagos’s previous price of N1,230 and N95 from Abuja’s N1,260.
In Lagos, the adjustment was observed at NNPC stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way. In Abuja, the revised price applies at outlets in Jabi and Wuse.
The reduction follows a similar cut in gantry prices by the Dangote Petroleum Refinery, which lowered its petrol price by N100 to N1,075 per litre after global crude oil prices fell from $110 to around $88 per barrel.
The earlier spike in crude prices was linked to Middle East tensions involving the United States, Iran, and Israel, which raised fears of a potential blockade of the Strait of Hormuz. Prices began to ease after United States President Donald Trump suggested the conflict might soon end. Brent crude, the global benchmark, fell about 8.45% to roughly $92 per barrel following discussions among European ministers on releasing strategic reserves to stabilize global oil markets.
