The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in petrol prices at its retail outlets, with new rates set at N1,130 per litre in Lagos and N1,165 per litre in Abuja.
This represents a decrease of N100 from the previous N1,230 per litre in Lagos and a N95 drop from N1,260 per litre in the capital. Observations at several NNPC stations in Lagos—including locations along Isheri Oshun Road, Apple Junction, and Ago Palace Way—confirmed that the revised prices are now being applied.
In Abuja, NNPC outlets in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4 were also dispensing petrol at the reduced rate of N1,165 per litre.
The price cut comes in the wake of a recent reduction in the ex-gantry price by Dangote Refinery, which lowered its petrol rate to N1,075 per litre amid easing global oil prices. Brent crude, for instance, fell sharply by nearly 27 percent, dropping from $119 per barrel to around $87 per barrel in a single day, according to OilPrice.com.
Diesel prices have also been adjusted, with the fuel now selling at N1,430 per litre at the gantry—a N190 decline from the previous N1,620 per litre.
