NNPCL Reduces Petrol Pump Price Nationwide by ₦100

The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of petrol across the nation, effective Wednesday. The new price is set at ₦1,130 per liter in Lagos and ₦1,165 per liter in Abuja, reflecting a ₦100 decrease from the previous prices of ₦1,230 per liter in Lagos and ₦1,260 per liter in Abuja.

This price adjustment has already been observed at various NNPCL retail outlets in Lagos, including stations along Isheri Oshun Road and Apapa Junction, as well as at the Jabi Wuse filling station in Abuja. This reduction comes as a slight relief to consumers who have faced repeated petrol price increases.

The adjustment occurs despite the oil market not yet reflecting earlier price changes from Dangote Petroleum Refinery, which recently reduced its gantry price by ₦100 to ₦1,075 per liter, following a decline in global crude oil prices. Brent crude, the global oil benchmark, has seen a drop of approximately 8.45%, falling from around $110 per barrel to about $92 per barrel.