The Nigerian National Petroleum Company Limited (NNPC) has reduced retail petrol prices at its outlets nationwide, with Lagos now at N1,130 per litre and Abuja at N1,165 per litre. This adjustment represents a decrease of N100 and N95 respectively from the previous rates.
The revised prices are being implemented at multiple NNPC stations. In Lagos, outlets along Isheri Oshun Road, Apple Junction, and Ago Palace Way confirmed the new rate. Similarly, stations in the Federal Capital Territory, including those in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4, are dispensing fuel at N1,165 per litre.
This move follows a recent reduction in the ex-gantry price by the Dangote Refinery, which lowered its rate to N1,075 per litre. The refinery’s adjustment is attributed to easing global oil prices. According to market reports, Brent crude experienced a significant reversal, falling nearly 27 per cent from a high of $119 per barrel to approximately $87 per barrel in a single day.
Additionally, the NNPC has reduced the ex-gantry price for diesel by N190, from N1,620 to N1,430 per litre.
The price cuts come against the backdrop of Nigeria’s ongoing fuel market reforms. Since the removal of petroleum subsidies in mid-2023, domestic fuel prices have become more directly linked to global crude oil costs and the exchange rate. The reduction by the Dangote Refinery, Nigeria’s first major private refinery, is seen as a key factor increasing domestic supply and exerting downward pressure on prices.
For Nigerian consumers, the reduction offers modest relief amid persistent economic pressures. The change also signals a more responsive market where refinery operations and global price trends are quickly transmitted to retail pumps. Industry analysts note that the extent and sustainability of the price drop will depend on the continued stability of international oil markets and the naira’s exchange rate.
The NNPC’s action underscores the growing influence of the Dangote Refinery on the nation’s fuel supply chain. As domestic refining capacity increases, further alignment between global oil trends and local pump prices is anticipated, potentially leading to more frequent adjustments based on international market dynamics.
