The Nigerian National Petroleum Company Limited (NNPCL) has slashed the pump price of petrol at its retail outlets to N1,165 per litre in Abuja, the nation’s capital.
Similarly, the oil giants have also brought down the price to N1,130 per litre in Nigeria’s commercial nerve centre. Lagos.
Available information indicates that the reduction, which took effect on Wednesday, represents a reduction of N100 from the previous price of N1,230 per litre in Lagos and N95 from the initial N1,260 per litre in Abuja.
Our correspondent who visited some of the outlets in the Federal Capital Territory (FCT) noted that the national oil company adjusted its pump price to N1,165 per litre at its retail outlets in Wuse, Gaduwa, Nyanya, Asokoro, Gudu. Bwari and Jabi and Wuse
Across Lagos State, the NNPC filling stations located in Apple Junction, Ado-Langbasa, Ajah, Ikorodu, Ishefun Ayobo, Ago Palace Way and Isheri Oshun Road among others were also seen displaying the adjusted price on their metres.
This latest drop in price comes despite the fact that oil marketers in the country are yet to reflect a recent reduction announced by the Dangote Petroleum Refinery in the gantry price of petrol.
Following the drop in global crude oil prices to about $88 per barrel from $110 per barrel, Dangote Refinery had announced the lowering of its gantry price by N100 per litre to N1,075
Reports had linked the sudden surge in global crude oil prices to the ongoing tensions in the Middle East involving the United States, Iran and Israel. The crisis has clearly disrupted oil supply chains while triggering concerns over a possible blockade of the Strait of Hormuz, especially given the threat of escalation issued by Tehran.
But things have improved in recent days with the oil prices dropping following United States President Donald Trump’s assurances about the conflict ending soon without any prolonged disruption to global oil supply.
