Check Out Fuel Price Reduction Update In Nigeria

The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has continued to decline across parts of Nigeria over the past three weeks, driven by falling global crude oil prices despite renewed geopolitical tensions in the Middle East.

The sustained reduction follows successive cuts in ex-depot and gantry prices by the Dangote Petroleum Refinery and other fuel suppliers, easing the cost of the product for marketers and ultimately consumers.

Although renewed hostilities involving the United States, Iran and Israel briefly pushed crude oil prices upward, the increase proved short-lived as global benchmark prices retreated once again.

As of Saturday, Brent crude traded at around $76 per barrel, while West Texas Intermediate (WTI) crude stood at approximately $71 per barrel, reflecting a decline despite the heightened geopolitical uncertainty.

The temporary spike in oil prices came after United States President Donald Trump declared that the ceasefire involving Iran and, by extension, Israel, had ended, raising fears of possible disruptions to global oil supply.

The development initially sparked concerns that petrol prices in Nigeria could rise again. However, those fears eased as international crude prices resumed their downward movement, allowing refiners and fuel marketers to maintain lower pricing.

In response to the decline in crude oil prices, the Dangote Refinery has implemented several reductions in its gantry price over recent weeks.

The refinery’s ex-depot price has now dropped to ₦1,075 per litre after at least four downward reviews, making it cheaper for marketers to source products.

The reductions have gradually filtered through to filling stations, leading to lower pump prices across several locations.

In Abuja and neighbouring areas, petrol, which sold for between ₦1,317 and ₦1,336 per litre on June 18, 2026, is now being dispensed at between ₦1,150 and ₦1,205 per litre as of July 12, 2026.

This represents a reduction of between ₦131 and ₦167 per litre, depending on the retail outlet.

Speaking on the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed optimism that fuel prices would continue to decline if global crude oil prices remain on the current trajectory.

According to him, the consistent reduction witnessed over the past few weeks demonstrates the direct impact of falling crude prices on Nigeria’s downstream petroleum sector.

“The fuel price will continue to drop. We have seen this in the past three weeks with the Dangote Refinery and petrol retailers and marketers amid falling crude oil prices.

“One thing constant with the downstream sector is price volatility,” Gillis-Harry said.

He noted that fluctuations in international crude oil prices will continue to influence fuel prices in Nigeria, adding that consumers should expect periodic adjustments based on prevailing market conditions.

Industry observers say the recent price cuts have provided some relief to motorists, businesses and households battling rising transportation and living costs, although they caution that developments in the global oil market could still affect future pricing.