Nigeria’s state-owned oil company, the Nigerian National Petroleum Company Limited (NNPCL), has lowered the pump price of petrol at its retail outlets, offering modest relief to motorists grappling with rising fuel costs.
Under the new pricing structure that took effect on Wednesday, petrol now sells for ₦1,130 per litre in Lagos, down from the previous ₦1,230. In Abuja, the price has been reduced to ₦1,165 per litre, compared to the earlier rate of ₦1,260.
The adjustment represents a ₦100 reduction for consumers in Lagos and a ₦95 cut for motorists in the Federal Capital Territory.
Fuel buyers in several parts of Lagos reported that the revised price had already been implemented at some NNPC retail stations.
Stations located along Isheri Oshun Road, Apple Junction, and Ago Palace Way were among those reflecting the new rate.
A similar situation was observed in Abuja, where drivers confirmed purchasing petrol at ₦1,165 per litre at NNPC outlets in areas such as Jabi and Wuse.
The price reduction comes at a time when many Nigerians have endured multiple increases in fuel prices over the past months, putting pressure on household budgets and transportation costs.
Despite the new retail price, several independent oil marketers are yet to adjust their pump prices in response to the earlier drop in the gantry price of petrol announced by the Dangote Petroleum Refinery.
The refinery had recently slashed its gantry price by ₦100 per litre, bringing it down to ₦1,075. The move followed a decline in global crude oil prices.
The Previous Surge
Oil prices had previously surged amid escalating geopolitical tensions involving the United States, Iran, and Israel, raising fears that the conflict could disrupt global oil supply chains.
Much of the concern focused on the Strait of Hormuz, a critical maritime route through which a large share of the world’s crude oil shipments passes.
However, global oil prices began to retreat after comments from former U.S. President Donald Trump suggested that the tensions could ease soon, reducing fears of a prolonged disruption to supply.
Market figures showed that Brent crude, the international benchmark for oil prices, fell by about 8.45 percent — dropping from roughly $110 per barrel to around $92 per barrel.
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The decline was further supported by discussions among European leaders about the potential release of strategic oil reserves as part of efforts to stabilise global energy markets.