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 rates, which took effect on Wednesday, represent a decrease of N100 from the previous N1,230 per litre in Lagos and N95 from N1,260 per litre in Abuja.
In Lagos, the revised price was observed at NNPC filling stations along Isheri Oshun Road, Apple Junction and Ago Palace Way. Similar adjustments were recorded in Abuja at outlets located in Jabi and Wuse.
The price reduction comes even as oil marketers have yet to reflect a recent cut in the gantry price of petrol by the Dangote Petroleum Refinery.
The refinery had earlier lowered its gantry price by N100 per litre to N1,075, following a drop in global crude oil prices, which declined to about $88 per barrel from $110 per barrel.
The earlier spike in crude prices was largely linked to tensions in the Middle East involving the United States, Iran and Israel, which disrupted supply and raised fears of a possible blockade of the Strait of Hormuz.
However, oil prices began to ease after Donald Trump said the conflict could end soon, calming concerns over prolonged disruptions to global supply.
Market data also indicated that Brent crude, the global benchmark, dropped by about 8.45 per cent to around $92 per barrel from $110 per barrel after European ministers met to consider releasing oil reserves to stabilise the market.
