Petrol Price Drops As NNPC Slashes Pump Price By ₦100

The Nigerian National Petroleum Company Limited, NNPCL, has reduced the pump price of Premium Motor Spirit (petrol) at its retail outlets, bringing some relief to motorists in Lagos and the Federal Capital Territory.

Under the new pricing structure, petrol is now sold at ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja, marking a noticeable reduction from previous pump prices.

The latest adjustment represents a ₦100 reduction from the previous price of ₦1,230 per litre in Lagos. In Abuja, the price dropped by ₦95, from ₦1,260 per litre to the current ₦1,165 per litre.

The development signals a downward shift in fuel pricing, which has remained volatile in recent months due to global oil market fluctuations.

Checks by journalists showed that the revised prices were already being implemented at several NNPC retail outlets across Lagos.

Stations located along Isheri Oshun Road, Apple Junction, and Ago Palace Way were observed dispensing petrol at the new price of ₦1,130 per litre.

Similarly, Daily Trust reported that several outlets operated by the national oil company in the Federal Capital Territory were selling petrol at the adjusted price of ₦1,165 per litre.

These include stations situated in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4, where motorists were seen purchasing fuel at the new rate.

The reduction by NNPC followed a recent cut in the ex-gantry price of petrol by Dangote Refinery.

The refinery reportedly reduced its ex-gantry price to ₦1,075 per litre, a move industry analysts say influenced retail pump prices across the country.

The adjustment came amid easing pressure in the global oil market.

According to OilPrice.com, global crude oil prices experienced a sharp decline earlier in the week.

The report noted that Brent crude fell significantly on Tuesday, dropping from a high of $119 per barrel to about $87 per barrel, representing a decline of nearly 27 per cent.

Industry watchers say the drop in crude prices has helped ease production and supply costs, thereby creating room for adjustments in refined petroleum product prices.

In addition to petrol, the price of diesel has also been adjusted downward.

Diesel is now sold at ₦1,430 per litre at the gantry, representing a ₦190 reduction from the previous price of ₦1,620 per litre.