In Lagos and Abuja, the Nigerian National Petroleum Company Limited (NNPCL) has lowered the price of gasoline at its retail locations to ₦1,130 and ₦1,165 per liter, respectively.
The new prices, which went into effect on Wednesday, are ₦95 less than ₦1,260 per litre in Abuja and ₦100 less than ₦1,230 per litre in Lagos.
Several NNPC retail locations in Lagos, including stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way, have already implemented the new price, according to checks.
The new price of ₦1,165 per liter at NNPC filling stations in Jabi and Wuse was also noticed by drivers in Abuja.
Customers who have experienced frequent rises in gas prices in recent months may find some respite from the development.
The most recent change occurs even though many oil marketers have failed to take into account the Dangote Petroleum Refinery’s earlier decrease in the gantry price of gasoline.
The refinery has lowered its gantry pricing by ₦100 per litre to ₦1,075 in response to a drop in the price of crude oil worldwide.
Fears of disruptions to the world’s oil supply were exacerbated by growing geopolitical tensions between the United States, Iran, and Israel, which were linked to the earlier spike in crude oil prices.
The Strait of Hormuz, which is where a large amount of the world’s oil exports pass, was the focus of particular worries.
But as Donald Trump hinted that the fight may soon end, oil prices started to drop, allaying worries about protracted supply interruptions.
According to market statistics, the global oil benchmark, Brent crude, fell from nearly $110 per barrel to about $92 per barrel, a decrease of almost 8.45%.
Following talks between European ministers over the potential release of strategic oil reserves to stabilize international energy markets, the fall occurred.
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