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.
Checks on Wednesday showed that the new prices represent a drop of N100 from the previous N1,230 per litre in Lagos and N95 from N1,260 per litre in Abuja.
At several NNPC filling stations in Lagos — including those along Isheri Oshun Road, Apple Junction and Ago Palace Way — petrol was observed selling at the revised price of N1,130 per litre.
Similarly, outlets operated by the company in areas such as Jabi and Wuse in Abuja adjusted the pump price to N1,165 per litre.
The reduction comes shortly after Dangote Petroleum Refinery announced a cut in its ex-gantry petrol price to N1,075 per litre following a drop in global oil prices to about $87 per barrel.
Earlier in the week, crude oil prices had surged past $100 per barrel — their highest level since July 2022 — amid heightened tensions in the Middle East.
Meanwhile, Nigeria’s minister of finance, Wale Edun, said the federal government would not intervene to control petrol prices despite volatility in global oil markets triggered by geopolitical tensions in the region.
“When there is market failure is where the regulator steps in. But in terms of balancing pricing, what we are looking to do is to manage the disruption and we don’t know how permanent or temporary it could be,” Edun said.
“But in the meantime, rather than reverting back and taking backward steps, we’ll look at every other measure that we have that can help the cost of living of Nigerians.”
Earlier, the Federal Ministry of Finance Nigeria warned that the ongoing conflict in the Middle East could influence Nigeria’s economy through changes in crude oil and gas prices, capital flows in global financial markets, and rising logistics and supply costs.
