The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail outlets, bringing relief to motorists in Lagos and Abuja.

At NNPC stations in Lagos, including Isheri Oshun Road, Apple Junction, and Ago Palace Way, petrol now sells for N1,130 per litre, down from N1,230.

In the nation’s capital, Abuja, the price has been adjusted to N1,165 per litre at retail outlets in Jabi and Wuse, a drop from the previous N1,260.

The reduction follows a N100 per litre decline in Lagos and a N95 per litre decrease in Abuja, despite some oil marketers yet to reflect the recent price cut by Dangote Petroleum Refinery.

According to The Sun, that Dangote had earlier reduced its gantry price to N1,075 per litre following a fall in global crude oil prices, which dropped to around $88 per barrel from $110 per barrel.

The Minister of Finance, Wale Edun, stated that, The earlier surge in crude oil prices was largely linked to tensions in the Middle East involving the United States, Iran and Israel, which disrupted oil supply and triggered concerns over a possible blockade of the Strait of Hormuz.

He clarified that government intervention typically occurs during market failures, and for now, the focus is on managing disruptions rather than artificially controlling pricing.

However, oil prices began to decline after United States President Donald Trump said the conflict could end soon, easing fears of prolonged disruption to global oil supply.

In a related cautionary statement, the Finance Ministry warned that the persistent conflict in the Middle East could have far-reaching consequences for Nigeria's economy.

Officials highlighted potential fluctuations in the country’s crude oil and gas prices, disruptions to capital flows in domestic and international financial markets, and significant challenges for global logistics and supply chains, which could increase costs and affect the availability of goods and energy resources nationwide.

Furthermore, the reduction in fuel prices extends to diesel. Diesel is now priced at N1,430 per litre at the gantry, reflecting a N190 reduction from its previous price of N1,620 per litre.