The Nigerian National Petroleum Company (NNPC) Limited has dropped the price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
On Wednesday, it was observed that the price dropped by N100 from N1,230 per litre in Lagos and by N95 from N1,260 per litre in Abuja.
In Lagos, the oil firm reduced the price of petrol to N1,130 per litre at its outlets at Isheri Oshun road, Apple Junction, and Ago Palace Way.
In Abuja, NNPC reduced the product’s price to N1,165 per litre at its outlets in Jabi and Wuse.
The development comes two days after Dangote refinery reduced its ex-gantry petrol price to N1,075 per litre — after oil price eased to $87.
Crude oil prices had crossed $100 per barrel on Monday — highest level since July 2022.
On Wednesday, Wale Edun, the minister of finance, said the federal government will not intervene to regulate petrol prices as escalating geopolitical tensions in the Middle East continue to create volatility in 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.
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“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.”
On March 11, the finance ministry said the war in the Middle East may affect Nigeria’s crude oil and gas prices, capital flows in financial markets, as well as global logistics and supply costs.
