NNPC Limited has reduced the pump price of Premium Motor Spirit (petrol) at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja.
The new prices, which took effect on Wednesday, represent a ₦100 reduction from the previous ₦1,230 per litre in Lagos and a ₦95 drop from ₦1,260 per litre in Abuja.
The revised prices were observed at NNPC filling stations in Lagos along Isheri Oshun Road, Apple Junction, and Ago Palace Way, while in Abuja the adjustment was recorded at outlets in Jabi and Wuse.
The price cut comes even as many independent marketers are yet to reflect a recent reduction in the gantry price announced by Dangote Petroleum Refinery.
READ ALSO: Global Oil Prices Rise 5% After Dangote Refinery Cuts Petrol by ₦100
The refinery had earlier lowered its ex-depot price by ₦100 to ₦1,075 per litre following a decline in global crude oil prices, which fell to about $88 per barrel after previously rising above $110 per barrel amid tensions in the Middle East involving the United States, Iran and Israel.
Oil prices later eased after Donald Trump suggested that the conflict could end soon, helping calm fears of prolonged disruption to global supply through the Strait of Hormuz.
Market data also showed that Brent crude dropped by about 8.45 per cent to around $92 per barrel, partly influenced by discussions among European ministers on releasing strategic oil reserves to stabilise the global market.