The Nigerian National Petroleum Company Limited (NNPC Ltd.) has reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The reduction, which took effect on Wednesday, represents a drop of N100 from the previous price of N1,230 per litre in Lagos and N95 from N1,260 per litre in Abuja.
In Lagos, the new price was observed at NNPC filling stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way.
Similarly, in Abuja, the national oil company adjusted its pump price to N1,165 per litre at its retail outlets in Jabi and Wuse.
The price reduction comes despite oil marketers yet to reflect a recent cut in the gantry price of petrol by the Dangote Petroleum Refinery.
The refinery had earlier reduced its gantry price by N100 per litre to N1,075 following a drop in global crude oil prices, which declined to about $88 per barrel from $110 per barrel.
The earlier surge in crude oil prices was largely linked to tensions in the Middle East involving the United States, Iran, and Israel, which disrupted oil supply and raised concerns about a possible blockade of the Strait of Hormuz.
However, prices began to ease after Donald Trump, President of the United States, suggested that the conflict could end soon, reducing fears of prolonged disruption to global oil supply.
Market data also showed that Brent Crude, the global oil benchmark, declined by about 8.45 per cent to around $92 per barrel from $110 per barrel.
The drop followed meetings by European ministers to consider the release of oil reserves as part of efforts to stabilise global prices.
