supply stabilization
NNPC Cuts Petrol Price to ₦1,130 in Lagos, ₦1,165 in Abuja
The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of petrol at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja, providing some relief to consumers amid fluctuating global oil prices.
The new pricing, effective Wednesday, marks a ₦100 drop from ₦1,230 in Lagos and a ₦95 reduction from ₦1,260 in Abuja. Observations at NNPC stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way in Lagos, as well as Jabi and Wuse in Abuja, confirmed the revised pump rates.
The reduction follows a recent cut in gantry prices by the Dangote Petroleum Refinery, which lowered its ex-depot petrol price by ₦100 to ₦1,075 per litre, responding to a decline in global crude oil prices.
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Global oil prices, which had earlier spiked to about $110 per barrel due to tensions involving the United States, Iran, and Israel, eased following remarks by Donald Trump indicating a potential end to the Middle East conflict. Concerns over a blockade of the Strait of Hormuz had previously threatened global oil supply.
Subsequently, Brent crude, the international benchmark, fell by 8.45 percent to around $92 per barrel, supported further by European Union energy ministers’ discussions on releasing strategic oil reserves to stabilise markets.
Industry analysts note that the NNPC price cut could trigger further adjustments across Nigeria’s downstream petroleum sector, particularly as local refining capacity grows and global oil prices remain volatile.
However, many independent marketers have yet to reflect the price reduction, with some stations still selling petrol above the NNPC retail price. Stakeholders predict more changes in the coming weeks, influenced by depot prices, exchange rate fluctuations, and international crude oil trends.
The latest reduction provides a much-needed relief for motorists and households that have faced persistent fuel price hikes in recent months.
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