NNPC Slashes Petrol Pump Price to N1,130 in Lagos, N1,165 in Abuja

The Nigerian National Petroleum Company Limited 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 pricing reflects a N100 reduction from the previous N1,230 per litre in Lagos and a N95 decrease from N1,260 per litre in Abuja.

Checks by our correspondent confirmed that the revised price was already being dispensed at several NNPC retail stations in Lagos, including outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way.

Similarly, some stations operated by the national oil company in the Federal Capital Territory were selling petrol at N1,165 per litre, including outlets in Jabi, Lifecamp, Wuse Zone 5 and Wuse Zone 4.

As previously reported by NaijaChoice News, the price adjustment follows a recent reduction in the ex-gantry price of petrol by the Dangote Refinery, which lowered its rate to N1,075 per litre amid easing global oil prices.

The refinery’s move, announced earlier this week, came after three successive increases that had pushed pump prices higher across the country.

According to OilPrice.com, Brent crude prices recorded a sharp reversal on Tuesday, falling by nearly 27 per cent from the previous day’s high of $119 per barrel to about $87 per barrel.

This global drop has triggered a chain reaction in Nigeria’s downstream sector, with the Dangote Refinery also slashing the gantry price of diesel to N1,430 per litre, representing a N190 reduction from the earlier price of N1,620 per litre.

Industry watchers note that while NNPC retail outlets moved swiftly to implement the new rates, some independent marketers are yet to fully align, with prices at certain stations still hovering between N1,300 and N1,350 per litre in parts of Lagos and Abuja.

Other marketers such as AA Rano and AYM Sharfa have however begun adjusting downwards, selling at around N1,230 in some locations.

The development is expected to provide immediate relief to motorists and businesses grappling with high transportation costs, even as analysts monitor the volatile international crude market for further adjustments in the coming days.