The has reduced its ex-gantry price of petrol to ₦1,075 per litre, following a sharp drop in global crude oil prices triggered by developments in the Middle East conflict.
The latest price represents a ₦100 reduction from the previous ₦1,175 per litre, offering potential relief to fuel marketers and consumers if the adjustment reflects at retail stations.
Crude oil price drops amid geopolitical tensions
Global oil prices declined after , President of the , suggested that the ongoing conflict involving and could end soon.
The war, which disrupted oil installations and heightened tensions around the , had earlier pushed crude prices to about $110 per barrel, the highest level since 2022.
However, global benchmark prices later dropped by more than 10 percent, with Brent crude falling to around $88 per barrel, while US West Texas Intermediate traded near $86.77 per barrel.
Petrol supplied through coastal distribution cheaper
According to the refinery’s new pricing template, petrol supplied through coastal distribution channels will now sell at about ₦1,050 per litre, slightly lower than the gantry price.
The refinery also revised the price of diesel downward to ₦1,430 per litre, representing a ₦190 reduction from the previous price of ₦1,620 per litre.
The prices, however, exclude statutory charges imposed by the (NMDPRA).
Marketers yet to adjust pump prices
Despite the reduction announced by the refinery, many filling stations across and continued selling petrol at higher prices.
Checks showed that some stations still dispensed petrol between ₦1,285 and ₦1,330 per litre, reflecting earlier increases implemented during the crude oil price surge.
Major retail outlets operated by the and other independent marketers have yet to adjust their pump prices.
Experts predict price adjustment soon
Industry stakeholders believe depots and filling stations may begin reducing pump prices once existing fuel stocks purchased at higher costs are exhausted.
According to , Chief Executive Officer of Petroleumprice.ng, the domestic fuel market will continue to react to fluctuations in global oil prices.
Similarly, the National President of the (PETROAN), , commended the refinery’s decision and said marketers would likely follow with adjustments.
Transport fares and living costs affected
The earlier spike in petrol prices had already triggered increases in transport fares in several parts of Lagos and Abuja.
Commuters reported that some routes experienced fare hikes of up to 30 percent, while others have slightly reduced following the drop in crude oil prices.
Calls for stronger domestic refining capacity
Meanwhile, the Executive Director of the , , stressed the importance of strengthening Nigeria’s domestic refining capacity.
He noted that encouraging local refining investments would help shield the country from global oil market volatility and improve energy security.
