The price of gasoline at its retail locations has been lowered by the Nigerian National Petroleum Company Limited (NNPCL) to ₦1,130 per liter in Lagos and ₦1,165 per liter in Abuja.
The new prices, which went into effect on Wednesday, are ₦95 from ₦1,260 per litre in Abuja and ₦100 from ₦1,230 per liter in Lagos.
Numerous NNPC retail locations in Lagos, including stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way, had already implemented the updated price, according to checks.
Similarly, drivers in Abuja noticed that the NNPC filling stations in Jabi and Wuse now charge ₦1,165 per litre.
Customers who have had to deal with frequent hikes in gas prices in recent months may find some respite from this development.
The most recent change occurs even though many oil marketers have failed to take into account the Dangote Petroleum Refinery’s earlier drop in the gantry price of gasoline.
Following a drop in the price of crude oil worldwide, the refinery has lowered its gantry pricing by ₦100 per litre to ₦1,075.
Growing geopolitical tensions between the US, Iran, and Israel were related to the earlier surge in crude oil prices, raising concerns about potential interruptions to the world’s oil supply.
A large amount of the world’s oil exports flow via the Strait of Hormuz, which raised particular worries.
But as Donald Trump hinted that the war would end soon, oil prices started to drop, allaying worries about protracted supply interruptions.
The global oil benchmark, Brent crude, fell by around 8.45%, from nearly $110 per barrel to about $92 per barrel, according to market statistics.
The drop came as European ministers talked about releasing strategic oil reserves to stabilize the world’s energy markets.
