NNPC slashes petrol price in Lagos, Abuja

 

The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol across its retail stations to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

Checks  showed that the new price represents a N100 reduction from the previous N1,230 per litre in Lagos and a N95 drop from N1,260 per litre in Abuja.

In Lagos, the revised price of N1,130 per litre was observed at NNPC filling stations located along Isheri Oshun Road, Apple Junction, and Ago Palace Way.

Similarly, in the federal capital territory, the national oil company adjusted the petrol price to N1,165 per litre at its outlets in Jabi and Wuse.

The price adjustment follows a recent move by Dangote refinery, which cut its ex-gantry petrol price to N1,075 per litre two days earlier after global oil prices eased to $87 per barrel.

Earlier this week, crude oil prices climbed above $100 per barrel on Monday, marking their highest level since July 2022.

Speaking on Wednesday, the minister of finance, Wale Edun, said the federal government has no immediate plans to regulate petrol prices despite ongoing geopolitical tensions in the Middle East affecting global oil markets.

“When there is market failure is where the regulator steps in. But in terms of balancing pricing, what we are looking to do is to manage the disruption and we don’t know how permanent or temporary it could be,” Edun said.

“But in the meantime, rather than reverting back and taking backward steps, we’ll look at every other measure that we have that can help the cost of living of Nigerians.”

Earlier, on March 11, the ministry of finance noted that the conflict in the Middle East could impact Nigeria’s crude oil and gas prices, influence capital flows in financial markets, and increase global logistics and supply costs.

(THE CABLE)