NNPC cuts petrol price to N1,130 per litre in Lagos, N1,165 in Abuja
The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail stations to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
Checks on Wednesday showed the new price reflects a drop of N100 from the previous N1,230 per litre in Lagos, while motorists in Abuja are now paying N95 less than the earlier N1,260 per litre.
In Lagos, the revised price was observed at several NNPC stations, including outlets along Isheri Oshun Road, Apple Junction, and Ago Palace Way.
Similarly, the national oil company adjusted its pump price to N1,165 per litre at its filling stations in Jabi and Wuse areas of Abuja.
The reduction follows a recent adjustment by the Dangote refinery, which on Monday lowered its ex-gantry petrol price to N1,075 per litre after global crude oil prices eased to about $87 per barrel.
Earlier in the week, crude oil had surged past $100 per barrel — the highest level recorded since July 2022 — amid heightened geopolitical tensions in the Middle East.
Despite the volatility in the global oil market, Minister of Finance Wale Edun said the federal government has no plans to regulate petrol prices.
According to him, regulatory intervention would only occur in the event of a market failure.
He explained that the government’s focus is on managing disruptions and exploring measures that could ease the cost-of-living pressures faced by Nigerians without reversing current market reforms.
Meanwhile, the finance ministry had warned on March 11 that the ongoing conflict in the Middle East could impact Nigeria’s oil and gas prices, capital flows in global financial markets, and international logistics and supply costs.
