The Nigerian National Petroleum Company Limited (NNPC) has announced a reduction in the pump price of petrol, now set at N1,130 per litre in Lagos, while in Abuja, it stands at N1,165 per litre.
This adjustment reflects a decrease of N100 from the previous price of N1,230 per litre in Lagos, and a N95 reduction from N1,260 per litre in Abuja.
Recent inspections indicate that the new pricing is currently being implemented at various NNPC retail stations in Lagos, including locations on Isheri Oshun Road, Apple Junction, and Ago Palace Way.
Similarly, several NNPC stations within the Federal Capital Territory are now offering petrol at N1,165 per litre, notably at sites in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4.
The price change is a direct outcome of a recent decrease in the ex-gantry price of petrol imposed by Dangote Refinery, which has lowered its rate to N1,075 per litre amid declining global oil prices.
OilPrice.com reports that Brent crude prices experienced a significant drop on Tuesday, plummeting by nearly 27 percent from the previous day’s peak of $119 per barrel down to approximately $87 per barrel.
Additionally, the price of diesel has now been adjusted to N1,430 per litre at the gantry, a drop of N190 from the earlier rate of N1,620 per litre.
Comments (0)
You must be logged in to comment.
Be the first to comment on this article!