The Nigerian National Petroleum Company (NNPC) Limited has cut petrol prices at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The reduction, observed on Wednesday, represents a drop of N100 in Lagos from N1,230 and N95 in Abuja from N1,260.
In Lagos, the new prices apply at NNPC outlets on Isheri Oshun Road, Apple Junction, and Ago Palace Way, while in Abuja, pumps in Jabi and Wuse now sell petrol at N1,165 per litre.
The move follows a recent reduction by Dangote Refinery, which lowered its ex-gantry petrol price to N1,075 per litre after global oil prices eased to $87 per barrel.
Crude oil prices, however, remain volatile, having crossed $100 per barrel on Monday, the highest level since July 2022, amid escalating geopolitical tensions in the Middle East.
The fluctuations continue to influence fuel pricing and economic planning in Nigeria.
Finance Minister Wale Edun said the federal government would not intervene to regulate petrol prices.
“When there is market failure, that 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, adding that the government would explore other measures to ease the cost of living for Nigerians.
