LAGOS, NIGERIA — The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail outlets, bringing relief to motorists in Lagos and Abuja following weeks of skyrocketing fuel costs triggered by the Middle East conflict .
At NNPC stations in Lagos, including outlets along Isheri Oshun Road, Apple Junction, and Ago Palace Way, petrol now sells for N1,130 per litre, down from N1,230 previously. In the nation’s capital, Abuja, the price has been adjusted to N1,165 per litre at retail outlets in Jabi and Wuse, a drop from the previous N1,260 .
The reduction represents a N100 per litre decrease in Lagos and a N95 per litre drop in Abuja, reflecting the first significant downward adjustment after several sharp increases recorded in recent days .
The price cut follows a N100 per litre reduction in the ex-gantry price of petrol by the Dangote Petroleum Refinery to N1,075 per litre, after global crude oil prices fell to around $88 per barrel from $110 per barrel .
The earlier surge in crude prices was largely linked to tensions in the Middle East involving the United States, Iran, and Israel, which raised concerns over oil supply and a possible blockade of the Strait of Hormuz. However, oil prices began to decline after US President Donald Trump indicated the conflict could end soon, easing fears of prolonged disruption to global oil supply .
Market data showed that Brent crude, the global oil benchmark, fell by about 8.45 per cent to roughly $92 per barrel from $110 per barrel, following meetings by European ministers to consider the release of oil reserves as part of efforts to stabilise global prices .
Despite the NNPC reduction, checks revealed that many independent marketers have yet to reflect the lower prices, with petrol still selling for as high as N1,300 to N1,350 per litre in several locations. Industry experts explained that marketers are still selling products purchased at higher ex-depot rates before the cut, and new stock at reduced prices is yet to circulate widely .
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed hope that the reduction would gradually reflect at the pump as marketers begin buying new products at the lower price .
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