Following a dip in international oil prices, the NNPC has followed the lead of the Dangote Petroleum Refinery by cutting fuel costs.
While global tensions initially pushed prices up, new developments in international politics have helped stabilize the market, leading to cheaper fuel for Nigerians.
The Dangote Refinery recently cut its wholesale price to ₦1,075 per litre, making it cheaper for retailers to buy and sell fuel.
Oil prices dropped by over 8% after U.S. political figures suggested the Middle East conflict might end sooner than expected.
European leaders are considering releasing "emergency oil" into the market, which has helped keep prices from spiking again.
Fears about the Strait of Hormuz (a major oil shipping route) have eased, allowing oil to flow more freely and cheaply around the world.
