THE Nigerian National Petroleum Company (NNPC) 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, marking a fresh adjustment in response to shifting conditions in the domestic fuel market.
The new pricing represents a N100 reduction in Lagos, where petrol previously sold for N1,230 per litre, and a N95 decrease in Abuja from the earlier N1,260 per litre.
In Lagos, the revised price of N1,130 per litre was observed at NNPC filling stations located along Isheri Oshun Road, Apple Junction, and Ago Palace Way, where attendants confirmed the updated rate had already taken effect, The Cable reported.
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Similarly, in Abuja, NNPC outlets in Kubwa and Wuse were dispensing petrol at the new price of N1,165 per litre, reflecting the latest downward adjustment by the state-owned energy company.
The price reduction comes two days after the Dangote Refinery lowered its ex-gantry petrol price to N1,075 per litre, a move that signaled easing supply pressure in the downstream market following a dip in global oil prices to below $100 per barrel.
Earlier in the week, crude oil prices had surged above $100 per barrel, reaching their highest level since July 2022, amid escalating tensions in the Middle East that threatened major energy supply routes.
Despite the volatility in global oil markets, Nigeria’s Minister of Finance, Wale Edun, said the federal government does not intend to directly regulate petrol prices, maintaining that market forces should continue to determine fuel costs.
Speaking on Wednesday, Edun explained that regulatory intervention would only occur in cases of clear market failure.
READ ALSO: Dangote Refinery reduces petrol ex-gantry price by N100 to N1,075/litre
“When there is market failure is where the regulator steps in. But in terms of balancing pricing, what we are looking to do is to manage the disruption and we don’t know how permanent or temporary it could be,” he said.
He added that the government is instead exploring other measures to ease the cost-of-living pressure on Nigerians without reversing market reforms in the petroleum sector.
Earlier on March 11, the finance ministry had warned that the ongoing Middle East conflict could influence Nigeria’s crude oil and gas prices, capital flows in financial markets, and global logistics and supply costs, potentially affecting domestic fuel pricing dynamics in the months ahead.
