Motorists in Abuja are seeing a modest but welcome relief at the pump, as some independent fuel stations have quietly reduced the price of petrol to N915 per litre—down from the recent high of N930.
The adjustment, which took effect earlier this week, reflects shifting dynamics in the international oil market, where prices are now trending downward due to increased supply and weakening demand projections.
Two outlets operated by A.Y.M Shafa along Airport Road led the drop, followed closely by Matrix Energy, which made similar adjustments. Other stations followed suit, with NIPCO cutting prices to N925 and Conoil selling at N935 per litre.
Industry observers link the decline to falling crude oil prices, which dipped below Nigeria’s fiscal benchmark of $75 per barrel on Monday. While Nigeria’s Bonny Light still traded at $78.62, other major crude grades like Qua Iboe and Brass River slipped to the mid-$60s—well below expectations for sustaining national revenue.
The implications are mixed. On one hand, lower crude prices could provide short-term relief for businesses and households grappling with high energy costs. On the other, analysts warn it could spell trouble for government finances.
“It’s a double-edged sword,” explained energy analyst Olatide Jeremiah, CEO of Petroleumprice. “Yes, inflation might ease, and petrol could even dip to N800 if the trend continues. But the budget risks unraveling if crude stays this low. We’re looking at a tough fiscal year if prices remain in the $60 range.”
He emphasized the potential domino effect on everything from public services to capital projects, given Nigeria’s heavy reliance on oil revenue.
Petroleum marketers have confirmed that pricing remains tightly tied to global crude benchmarks and currency exchange rates. Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, reiterated that fuel prices in Nigeria fluctuate based on the international cost of crude and the strength of the naira.
He also noted a potential game-changer: the federal government’s move to supply crude to the Dangote Refinery in naira. “This could ease pricing pressures further,” Ukadike said. “Once it reflects at the loading depots, we expect lower prices to become more consistent at the retail end.”
Currently, the landing cost of imported petrol is down to N849.27 per litre—just shy of the N835 reportedly offered by Dangote’s facility. Industry sources say if this pricing stability holds, Nigerian consumers may finally begin to feel real relief from the weight of high fuel costs.
