The Nigerian National Petroleum Company Limited (NNPC) 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 new price represents a reduction of N100 from the previous N1,230 per litre in Lagos and N95 from N1,260 per litre in Abuja.
Checks at some NNPC retail stations showed that the new price is already being implemented at outlets located along Isheri Oshun Road, Apple Junction and Ago Palace Way in Lagos.
Similarly, NNPC filling stations in Jabi and Wuse areas of Abuja were also seen selling petrol at N1,165 per litre.
The adjustment comes two days after the Dangote Petroleum Refinery reduced its ex-depot petrol price to N1,075 per litre following a drop in global crude oil prices.
Crude oil prices had earlier surged above $100 per barrel on Monday, the highest level since July 2022, before easing slightly to about $87 per barrel.
Meanwhile, the Minister of Finance, Wale Edun, said the Federal Government of Nigeria would not intervene to regulate petrol prices despite volatility in the global oil market triggered by geopolitical tensions in the Middle East.
Edun explained that regulatory intervention would only occur in cases of market failure, noting that the government is instead exploring other measures to cushion the impact of rising living costs on Nigerians.
He also warned that the ongoing conflict in the Middle East could affect Nigeria’s crude oil and gas prices, as well as global supply chains and logistics costs.
