Nigerians are expected to experience some relief in petrol prices nationwide following a fresh price reduction by the Dangote Refinery.
The refinery on Thursday reduced its gantry price of petrol by ₦85, bringing it down from ₦1,285 to ₦1,200 per litre—a 6.6% decrease aimed at competing with depot owners whose prices ranged between ₦1,240 and ₦1,255 per litre.
This adjustment is likely to reflect at filling stations across the country, with pump prices expected to drop by about ₦50 to ₦70 per litre, bringing retail prices to around ₦1,291–₦1,311 per litre.
The move comes amid a slight decline in global crude oil prices, with Brent and West Texas Intermediate crude falling below $100 earlier in the week before settling at about $107 and $93 per barrel respectively.
According to Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), marketers who source fuel from the Dangote Refinery will adjust their pump prices accordingly.
Filling stations, including MRS Oil Nigeria Plc, have indicated they are awaiting updated pricing templates from their headquarters before implementing the changes.
The development follows weeks of sharp fuel price increases in Nigeria, driven by disruptions in global oil supply linked to tensions involving the United States, Israel, and Iran. Within March alone, petrol prices surged by over 50%, rising from about ₦875–₦900 to over ₦1,360 per litre in cities like Abuja.
This latest reduction marks a potential turning point, offering consumers some respite after repeated price hikes in recent weeks.
