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NNPC Reduces Petrol Price in Lagos and Abuja Amid Falling Global Crude Prices
Petrol prices drop at NNPC outlets to N1,130 in Lagos and N1,165 in Abuja, following a decline in global crude oil and Dangote gantry adjustments.
The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in petrol prices at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja, effective Wednesday.
The new rates reflect a drop of N100 in Lagos (from N1,230) and N95 in Abuja (from N1,260). NNPC stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way in Lagos, as well as outlets in Jabi and Wuse in Abuja, have implemented the new prices.
The adjustment follows a similar N100 per litre reduction at the gantry by Dangote Petroleum Refinery, after a decline in international crude prices to about $88 per barrel from $110 per barrel. The previous surge in global oil prices was tied to geopolitical tensions in the Middle East involving the United States, Iran, and Israel, which raised concerns over potential supply disruption at the Strait of Hormuz.
Oil prices eased after US President Donald Trump indicated that the conflict might end soon, calming fears of extended disruption. Data also showed Brent crude fell by about 8.45% to $92 per barrel, following discussions among European ministers to release oil reserves and stabilise the market.
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