The Nigerian National Petroleum Company Limited (NNPCL) 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 new prices, which took effect on Wednesday, mark a drop of ₦100 from the previous ₦1,230 per litre in Lagos and ₦95 from ₦1,260 per litre in Abuja.
Checks revealed that the revised rates were already displayed at several NNPC filling stations across Lagos, including outlets along Isheri Oshun Road, Apple Junction, and Ago Palace Way.
Motorists in Abuja also confirmed seeing the new price of ₦1,165 per litre at NNPC stations in areas such as Jabi and Wuse.
The price adjustment provides modest relief for consumers who have experienced several petrol price hikes in recent months.
The reduction comes even as many oil marketers are yet to reflect the earlier gantry price cut introduced by the Dangote Petroleum Refinery.
The refinery had recently slashed its gantry price by ₦100 per litre to ₦1,075 following a drop in global crude oil prices.
The earlier surge in crude prices was largely attributed to growing geopolitical tensions involving the United States, Iran, and Israel, which sparked fears of disruptions in global oil supply.
Particular concern had focused on the Strait of Hormuz, a vital route through which a large share of the world’s oil shipments passes.
However, oil prices began to ease after Donald Trump suggested that the conflict could end soon, reducing concerns over prolonged supply interruptions.
Market figures show that Brent crude, the global oil benchmark, declined by about 8.45 percent, dropping from around $110 per barrel to approximately $92 per barrel.
The price decline followed discussions among European ministers on the possible release of strategic oil reserves to help stabilise global energy markets.