The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail outlets to ₦1,130 per litre in Lagos and ₦1,165 per litre in Abuja.
The new prices were observed on Wednesday at several NNPC stations in Lagos, as well as the Federal Capital Territory. The reduction represents a drop of ₦100 per litre in Lagos and ₦95 per litre in Abuja.
The development comes two days after the Dangote Refinery lowered its ex-gantry price of petrol to ₦1,075 per litre following a drop in global oil prices.
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Meanwhile, the Minister of Finance, Wale Edun, says the federal government will not intervene to regulate petrol prices despite volatility in global oil markets linked to tensions in the Middle East. He says the government will instead explore other measures to ease the cost of living for Nigerians.
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