The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol at its retail stations to N1,130 per litre in Lagos and N1,165 per litre in Abuja, reflecting a fresh adjustment in the downstream fuel market.
According to a report by Arise News, the new pricing represents a reduction from the previous N1,230 per litre in Lagos and N1,260 per litre in the Federal Capital Territory.
Market checks on Wednesday showed that motorists were already buying petrol at the revised rates at several NNPCL outlets. In Lagos, the new price was observed at stations along Isheri Oshun Road, Apple Junction and Ago Palace Way, while in Abuja it was recorded at outlets in Jabi and Wuse.
The adjustment follows a recent pricing move by the Dangote Petroleum Refinery, which reduced its ex-gantry price of petrol to N1,075 per litre after international crude oil prices moderated.
Global oil prices have experienced heightened volatility in recent days. Crude had earlier climbed above $100 per barrel, its highest level since July 2022, before easing to around $87 per barrel, a development that has influenced pricing dynamics in Nigeria’s deregulated downstream sector.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Federal Government does not intend to intervene directly in petrol pricing despite the volatility in global energy markets.
He explained that regulatory intervention would only occur if market conditions deteriorate significantly.
“When there is market failure, that is when the regulator steps in. For now, the focus is on managing disruptions rather than imposing artificial price controls,” Edun said during a media engagement.
The finance ministry has also warned that escalating geopolitical tensions in the Middle East could have wider implications for Nigeria’s economy, including potential volatility in oil and gas prices, disruptions to global supply chains, and increased pressure on logistics and energy costs.
Analysts say developments in the international crude market will continue to influence petrol pricing in Nigeria as the country navigates its transition toward a fully market-driven downstream petroleum sector.