The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja.
The new pricing reflects a N100 reduction from the previous N1,230 per litre in Lagos and a N95 decrease from N1,260 per litre in Abuja.
Checks showed that the revised price was being dispensed at several NNPC retail stations in Lagos, including outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way.
Similarly, some stations operated by the national oil company in the Federal Capital Territory were selling petrol at N1,165 per litre, including outlets in Jabi, Lifecamp, Wuse Zone 5 and Wuse Zone 4.
The price adjustment follows a recent reduction in the ex-gantry price of petrol by the Dangote Refinery, which lowered its rate to N1,075 per litre amid easing global oil prices.
According to OilPrice.com, Brent crude prices recorded a sharp reversal on Tuesday, falling by nearly 27 per cent from the previous day's high of $119 per barrel to about $87 per barrel.
Similarly, diesel is now priced at N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.
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