The Nigerian National Petroleum Company Limited (NNPC) 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.

The new prices were observed at several NNPC filling stations in both cities.

The adjustment represents a reduction from earlier prices recorded at NNPC retail stations. The petrol price in Lagos dropped by N100 from N1,230 per litre.

In Abuja, the price fell by N95 from N1,260 per litre.

The revised prices were observed at NNPC stations located along Isheri Oshun Road, Apple Junction, and Ago Palace Way in Lagos. In Abuja, the new price was recorded at retail outlets in Jabi and Wuse.

Petrol, also known as Premium Motor Spirit, remains a key fuel product used by motorists and businesses across Nigeria.

Changes in pump prices at major retail outlets often influence fuel costs across other filling stations.

The price reduction at NNPC stations occurred following adjustments in the domestic fuel supply chain.

According to the report, the Dangote Petroleum Refinery earlier reduced its gantry price for petrol by N100 per litre to N1,075. The adjustment followed a decline in global crude oil prices.

Market data also indicated that the price of Brent crude declined from about $110 per barrel to around $92 per barrel. The fall in crude prices contributed to the downward adjustment in petrol supply costs.

Reports noted that the earlier increase in crude oil prices had been linked to tensions in the Middle East involving the United States, Iran, and Israel, which affected global oil supply concerns.

The new pump prices apply to petrol sold at NNPC retail outlets in Lagos and Abuja. Motorists purchasing fuel from the company’s stations will pay the revised rates.

Fuel pricing across Nigeria varies among retail marketers depending on supply costs and distribution factors.

Adjustments by major suppliers and refiners often influence prices at filling stations nationwide.