NNPCL (The Nigerian National Petroleum Company Limited), reduced the pump price of petrol at its retail outlets. The company set the new rate at N1,130 per litre in Lagos. It also fixed the price at N1,165 per litre in Abuja. This change took effect on Wednesday.
Motorists See Significant Savings
Motorists previously paid N1,230 per litre in Lagos. They paid N1,260 per litre in Abuja. Consequently, the price dropped by N100 in Lagos. It fell by N95 in Abuja.
Dangote Petroleum Refinery earlier lowered its gantry price for petrol to N1,075 per litre. NNPCL responded with the retail adjustment. The refinery acted after global crude oil prices declined.
Global Crude Prices Decline
Crude oil prices fell from about $110 per barrel to around $92 per barrel. This drop happened after United States President Donald Trump stated the Middle East conflict could end soon. Tensions had earlier risen between the United States, Iran and Israel. Brent crude fell by 8.45 per cent as a result.
NNPCL stations in specific locations implemented the lower prices. In Lagos, outlets along Isheri Oshun Road, at Apple Junction and Ago Palace Way adopted the rate. In Abuja, stations in Jabi, Lifecamp, Wuse Zone 5 and Zone 4 did likewise.
Other Marketers Review Prices
Additionally, independent filling stations monitored the situation. A manager at MRS filling station who preferred to remain anonymous said the outlet would follow suit. “We will reduce our petrol price to N1,167 per liter from Thursday,” he told reporters on Wednesday. Other stations such as NIPCO, AP and AA Rano also adjusted their rates downward.
Meanwhile, diesel continued at N1,535 per litre at NNPCL outlets in Abuja. The petrol cut provided immediate relief to motorists amid ongoing market fluctuations.
