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.

The Dangote Refinery on Tuesday reduced its petrol gantry price by N100, from N1,175 to N1,075 per litre.

The move followed a slump in global oil prices, with Brent crude dropping to $89 per barrel from over $100 on Monday.

Officials of the refinery confirmed the development to our correspondent, adding that diesel prices have also been reduced.

They stated that petrol supplied via coastal distribution channels will now sell for N1,050 per litre, reflecting a slight differential for marine logistics.

Similarly, diesel is now N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.

According to oilprice.com, Brent crude prices witnessed a dramatic reversal on Tuesday, plunging nearly 27 per cent from the previous day’s high of $119 per barrel to as low as $87 per barrel.

The Dangote Refinery reportedly blamed global crude volatility for the repeated price hikes, citing tensions arising from the US-Iran conflict.

By David Torough, Abuja

The Dangote Petroleum Refinery has increased the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,175 per litre, marking the third upward adjustment in fuel prices within one week and raising fresh concerns over a possible sharp escalation in pump prices nationwide.

The latest revision, communicated to marketers and depot operators on Monday, represents an increase of ₦180 from the ₦995 per litre ex-depot price announced on Friday, translating to an 18.

Industry sources said the refinery also reviewed the gantry price of Automotive Gas Oil (AGO), commonly known as diesel, upward to ₦1,620 per litre.

The development follows earlier price adjustments that saw the refinery raise petrol prices from ₦774 to ₦995 per litre last week, amid growing volatility in the global oil market.

Crude oil prices have also climbed sharply, hitting $104.4 per barrel from $92.69 recorded a day earlier, largely driven by escalating geopolitical tensions in the Middle East.

Reacting to the development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that the price of petrol could rise to nearly ₦2,000 per litre, while diesel may approach ₦3,000 per litre if the ongoing conflict in the Middle East persists.

The National President of PETROAN, Billy Gillis-Harry, gave the warning on Monday in Port Harcourt while delivering a keynote address titled “Deconstructing Energy Trilemma” at an event organised by the Department of Petroleum Economics and Policy Studies, Ignatius Ajuru University of Education.

He cautioned that sustained increases in petroleum product prices could worsen inflation, trigger job losses, and deepen economic hardship for Nigerians, while significantly increasing transportation costs and the prices of goods and services across the country.

According to him, petrol sold at about ₦774 per litre before the current Middle East crisis but now sells for above ₦1,000 per litre, representing an increase of about 30 per cent.

Similarly, diesel, which previously sold at around ₦950 per litre, has risen to about ₦1,400 per litre and above, reflecting an increase of nearly 49 per cent.

Gillis-Harry attributed the surge in global oil prices to the ongoing conflict involving Israel, the United States, and Iran, noting that sustained drone and missile attacks are threatening key oil routes and infrastructure, thereby creating uncertainty in global energy supply chains.

“With no clear end to the conflict, petroleum product prices in both international and domestic markets are expected to rise sharply in the coming days,” he warned.

He urged the Nigerian National Petroleum Company Limited (NNPC Ltd.) to urgently strengthen the country’s domestic refining capacity to shield Nigeria from global market shocks.

Specifically, he appealed to the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, to facilitate the immediate resumption of operations at Nigeria’s government-owned refineries, particularly the Port Harcourt Refinery’s Area 5 plant and the Warri Refinery, which had earlier operated briefly before shutting down again for profitability assessments.

According to him, rehabilitating Nigeria’s refineries for domestic production would reduce the country’s exposure to international market volatility and enhance national energy security.

Despite the challenges, Gillis-Harry expressed optimism that ongoing economic reforms by the administration of President Bola Tinubu would eventually bring relief to Nigerians and stimulate long-term economic growth.