The has reduced the pump price of petrol at its retail stations to ₦1,130 per litre in and ₦1,165 per litre in , offering slight relief to motorists and commuters.
The new price adjustment, which took effect on Wednesday, represents a ₦100 reduction from the previous price of ₦1,230 per litre in Lagos and a ₦95 decrease from ₦1,260 per litre in Abuja.
New Pump Prices Observed at NNPC Stations
Checks at several NNPC retail outlets confirmed the price cut. In Lagos, the revised petrol price was observed at stations located along Isheri Oshun Road, Apple Junction, and Ago Palace Way.
Similarly, NNPC filling stations in Abuja, particularly in Jabi and Wuse, were seen dispensing petrol at the newly adjusted price of ₦1,165 per litre.
The reduction comes amid ongoing shifts in global oil prices and adjustments in Nigeria’s domestic fuel supply market.
Dangote Refinery Price Cut Yet to Fully Reflect
The latest price cut occurred even as many oil marketers have yet to reflect a recent reduction in petrol gantry prices announced by the .
The refinery had earlier reduced its gantry price by ₦100 per litre, bringing the price down to ₦1,075 per litre following a decline in global crude oil prices.
Industry analysts believe that once the new gantry price fully reflects across retail outlets, consumers may see additional reductions in pump prices.
Global Oil Prices Influence Local Fuel Costs
Recent movements in the global energy market have also contributed to the decline in petrol prices.
Earlier spikes in crude oil prices were driven by rising tensions in the Middle East involving the , , and , raising concerns about disruptions to oil supply routes.
One major worry among global markets was the potential blockade of the , a key shipping channel for international oil supply.
However, global prices began to ease after , President of the United States, suggested that the conflict could end soon, helping calm fears of prolonged supply disruption.
Brent Crude Price Declines
Market data showed that , the global benchmark for oil pricing, dropped by about 8.45 percent, falling to around $92 per barrel from a previous level of approximately $110 per barrel.
The price decline also followed discussions among European ministers on the possible release of oil reserves aimed at stabilising global energy markets.
Outlook for Fuel Prices in Nigeria
Analysts say petrol prices in Nigeria could continue to fluctuate depending on developments in the international oil market and domestic supply dynamics.
If crude oil prices continue to fall and refinery supply improves, motorists may experience further reductions in fuel prices in the coming weeks.
