The price of gasoline at its retail locations has been lowered by the Nigerian National Petroleum Company Limited (NNPCL) to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja.
The new prices, which went into effect on Wednesday, are ₦95 from ₦1,260 per litre in Abuja and ₦100 from the previous ₦1,230 per litre in Lagos.
Several NNPC retail locations in Lagos, including stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way, have already implemented the updated price, according to checks.
In a same vein, drivers in Abuja noticed that NNPC filling stations in Jabi and Wuse now charge ₦1,165 per liter.
Customers who have experienced frequent hikes in gas prices in recent months may find some respite from this change.
The Dangote Petroleum Refinery’s prior cut in the gantry price of gasoline has not yet been reflected by many oil marketers, despite the most recent change.
Following a drop in the price of crude oil globally, the refinery has lowered its gantry pricing by ₦100 per litre to ₦1,075.
Rising 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 special concerns.
But as Donald Trump hinted that the fight would finish soon, oil prices started to drop, allaying worries about protracted supply interruptions.
The global oil benchmark, Brent crude, fell by around 8.45 percent, from nearly $110 per barrel to about $92 per barrel, according to market statistics.
The drop came as European ministers debated whether to disclose strategic oil reserves in order to stabilize the world’s energy markets.
