The Nigerian National Petroleum Company Limited has reduced petrol pump prices at select filling stations in Lagos and Abuja, with cuts of up to N25 per litre.
The adjustments followed Dangote Petroleum Refinery’s decision to lower its petrol gantry price by N25 to N1,325 per litre from N1,350, creating room for marketers and retailers to pass savings to consumers.
In Lagos, pump prices at select NNPCL outlets dropped to N1,370 per litre from N1,385, a reduction of N15.
In Abuja, some NNPCL stations cut prices by N25, moving from N1,430 to N1,405 per litre.
The relief is not uniform. A market survey found that several NNPCL outlets had not adopted the revised prices. In Abuja, stations along Kubwa Expressway, Air Junction and Wuse Zones 4 and 5 were still selling petrol at N1,395 per litre.
Other filling stations in the Federal Capital Territory, including MRS, Ranoil, AA Rano and Empire Energy, were dispensing petrol at between N1,395 and N1,430 per litre.
How quickly each station reflects the new pricing depends on when retailers last stocked up, distribution costs and operating expenses at each outlet. Across Nigeria, motorists continue to pay different prices depending on their location, the filling station they visit and local supply conditions.
The cuts are coming against a backdrop of elevated international crude oil prices, with Brent crude trading at around $104 per barrel and West Texas Intermediate at roughly $92 per barrel.
Earlier, crude prices climbed back above $107 per barrel on Monday, September 28, after Iran rejected a proposal for a seven-day ceasefire tied to reopening the Strait of Hormuz, a key route for global crude oil and petroleum product shipments. Brent rose $2.92, or 2.80%, to $107.20 per barrel, while West Texas Intermediate gained $2.27, or 2.46%, to $94.68. Depot owners had faced renewed pressure to raise petrol and diesel prices at the time.
Further shifts in global crude prices and domestic fuel supply costs may yet influence what Nigerians pay at the pump in the days ahead. For now, the savings at NNPCL stations in Lagos and Abuja are modest and uneven, and marketers are watching crude and gantry prices before making their next move.
