Nigerians may soon experience relief in fuel costs as petrol prices are expected to decline across filling stations nationwide following a reduction in gantry prices by Dangote Refinery.
The refinery on Thursday cut its petrol price by N85, representing a 6.6 percent decrease, bringing the price down to N1,200 per litre from N1,285. The move is seen as a strategic adjustment to compete with depot owners whose prices ranged between N1,240 and N1,255 per litre.
The development comes amid a moderation in global crude oil prices, with Brent and West Texas Intermediate falling below 100 dollars per barrel earlier in the week before settling at 107 dollars and 93 dollars respectively as of Friday morning.
The 20 billion dollar refinery’s latest adjustment follows growing calls for a reduction in fuel prices in response to easing crude oil costs.
Industry projections indicate that the new gantry price could lead to a retail price drop of between N50 and N70 per litre, potentially bringing pump prices to around N1,311 and N1,291 at major filling stations nationwide.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that marketers sourcing products from the refinery would adjust their retail prices accordingly.
“Our member will have to adjust to a new retail price,” he said.
Similarly, managers at MRS filling stations indicated that they are awaiting an official price template from their headquarters before implementing new pump prices.
“We would await a fresh price template from the head office in Lagos,” a station manager said.
In recent weeks, Nigeria, like many global economies, has faced the impact of rising crude oil prices driven by supply disruptions linked to the Iran United States Israel conflict.
As a result, retail fuel prices surged by over 50 percent in March 2026, rising to between N1,361 and N1,370 per litre from earlier levels of about N875 to N900 per litre in Abuja.
Dangote Refinery had increased its petrol price multiple times in recent weeks, contributing to the nationwide rise in fuel costs before this latest reduction.
