BREAKING: NNPC Reduces Petrol Price, See New Prices

• NNPC Limited has reduced the pump price of petrol at its retail stations following a recent drop in global crude oil prices.

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.

The price reduction, which took effect on Wednesday, represents a ₦100 drop from the previous price of ₦1,230 per litre in Lagos and a ₦95 reduction from ₦1,260 per litre in Abuja.

In Lagos, the new price was observed at NNPC filling stations located along Isheri Oshun Road, Apple Junction, and Ago Palace Way.

Similarly, in Abuja, the national oil company adjusted its pump price to ₦1,165 per litre at its retail outlets in Jabi and Wuse.

The development comes despite oil marketers yet to fully reflect a recent reduction in the gantry price of petrol by Dangote Petroleum Refinery.

The refinery had earlier lowered its gantry price by ₦100 per litre to ₦1,075 after global crude oil prices declined from about $110 per barrel to around $88 per barrel.

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The earlier spike in oil prices was largely linked to tensions in the Middle East involving the United States, Iran, and Israel, which raised concerns over potential disruptions to global oil supply and the possibility of a blockade of the Strait of Hormuz.

However, crude oil prices began to ease after Donald Trump suggested that the conflict could end soon, reducing fears of prolonged disruption to oil supply.

Market data also indicated that Brent crude, the global benchmark for oil prices, declined by about 8.45 percent to around $92 per barrel from $110 per barrel.

The drop followed discussions among European ministers about the potential release of oil reserves as part of efforts to stabilise global energy prices.