The Nigerian National Petroleum Company Limited has reduced the pump price of petrol at its retail stations, offering some relief to motorists in Lagos and Abuja.

At several NNPC outlets in Lagos, including stations along Isheri Oshun Road, Apple Junction, and Ago Palace Way, petrol is now being sold at ₦1,130 per litre, compared to the previous price of ₦1,230.

Similarly, in Abuja, the price has been adjusted to ₦1,165 per litre at stations in Jabi and Wuse, representing a reduction from the earlier ₦1,260 per litre.

The adjustment reflects a ₦100 drop per litre in Lagos and a ₦95 reduction in Abuja, even though some oil marketers have yet to implement the recent price cut announced by Dangote Petroleum Refinery.

Dangote Refinery had earlier lowered its gantry price to ₦1,075 per litre after a decline in global crude oil prices, which fell to about $88 per barrel from around $110 per barrel.

Market analysts attributed the earlier spike in crude oil prices to tensions in the Middle East involving the United States, Iran, and Israel, which raised fears about potential disruptions to global oil supply and the possible closure of the Strait of Hormuz.

However, oil prices later declined following signals from the United States that the conflict could ease, alongside discussions among European ministers on releasing strategic oil reserves to stabilise global markets.

Meanwhile, Brent Crude also recorded a drop of about 8.45 per cent, falling to roughly $92 per barrel from $110, a development that contributed to the recent reduction in domestic petrol prices.