Jubilation As Fuel Price Reduced

News Update

THE Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in petrol prices at its retail outlets, bringing the cost down to N1,130 per litre in Lagos and N1,165 per litre in Abuja.

Observers on Wednesday noted that this marks a drop of N100 from N1,230 per litre in Lagos and N95 from N1,260 per litre in the capital.

In Lagos, motorists saw the lower prices at outlets located on Isheri Oshun Road, Apple Junction, and Ago Palace Way. In Abuja, the reductions were observed at NNPC stations in Jabi and Wuse.

The move follows a recent adjustment by Dangote Refinery, which cut its ex-gantry petrol price to N1,075 per litre, after international oil prices eased to $87 per barrel. Earlier this week, crude oil prices briefly surged above $100 per barrel the highest level since July 2022.

Speaking on Wednesday, Wale Edun, the Minister of Finance, said the federal government would not intervene to regulate petrol prices, noting that ongoing geopolitical tensions in the Middle East are creating volatility in global oil markets.

“When there is market failure, that is when the regulator steps in. But for now, we are looking to manage disruption rather than artificially control pricing,” Edun explained. “Meanwhile, we will explore other measures to ease the cost of living for Nigerians.”

Earlier, the Finance Ministry issued a cautionary statement, warning that the ongoing conflict in the Middle East could have far reaching consequences for Nigeria’s economy.

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Officials highlighted that the crisis may lead to fluctuations in the country’s crude oil and gas prices, disrupt capital flows in domestic and international financial markets, and create significant challenges for global logistics and supply chains, potentially increasing costs and affecting the availability of goods and energy resources across the nation.