The Nigerian National Petroleum Company Limited (NNPC) on Thursday reduced petrol prices at its retail outlets, bringing the pump price to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new pricing marks a N100 drop in Lagos, down from N1,230 per litre, and a N95 decrease in Abuja from N1,260.
Checks at several NNPC stations in Lagos, including Isheri Oshun Road, Apple Junction, and Ago Palace Way, confirmed the new rates.
In the Federal Capital Territory, outlets in Jabi, Lifecamp, Wuse Zone 5, and Wuse Zone 4 were selling petrol at N1,165 per litre.
The adjustment follows a reduction in the ex-gantry price at the Dangote Refinery, which lowered its rate to N1,075 per litre amid easing global oil prices.
Brent crude fell sharply Tuesday, dropping nearly 27 percent from a high of $119 per barrel to about $87 per barrel, according to OilPrice.com.
Diesel prices were also cut, with NNPC selling at N1,430 per litre, down N190 from N1,620.
Analysts say the price cuts could provide temporary relief to motorists but note that volatility in the global market may continue to affect fuel costs.
