Petrol prices may soon decline to around N1,200 per litre as the Dangote Petroleum Refinery and other depot operators continue to reduce ex-depot rates following a sharp drop in global crude oil prices.

The development comes after the Dangote Refinery announced a N75 reduction in its petrol gantry price, lowering the rate from N1,250 per litre to N1,175 per litre.

According to industry data, the adjustment has prompted other depot owners to cut their prices to about N1,180 per litre, signaling a potential reduction in retail pump prices across the country.

In a circular issued to marketers, the refinery attributed the price cut to easing tensions in the Middle East, which had previously pushed energy prices higher.

“Following the de-escalation of tensions in the Middle East, which has impacted energy prices, we wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” the refinery stated.

The company also reduced its coastal price per metric tonne from N1,595,790 to N1,495,215, with the new rates taking effect from June 16, 2026.

Despite the reduction at the depot level, many filling stations are still selling petrol at around N1,280 per litre, as marketers seek to clear existing stocks purchased at higher prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said consumers should expect pump prices to begin adjusting within days as new supplies enter the market.

According to him, petrol could sell for between N1,200 and N1,250 per litre in Lagos, while prices in other parts of the country may remain slightly higher due to transportation and logistics costs.

“This announcement is enabling people who have old stocks to clear out their stocks and prepare to take fresh supplies. By tomorrow and Friday, people will start adjusting to the new price,” he said.

Ukadike explained that marketers cannot immediately reduce prices without incurring losses on existing inventory purchased before the latest adjustment.

The latest reduction follows a significant decline in international crude oil prices after reports of a peace agreement between the United States and Iran and the reopening of the Strait of Hormuz.

Global oil benchmark Brent crude reportedly fell from about $87 per barrel to below $80 per barrel after the agreement, easing pressure on fuel markets worldwide.

During the three-month geopolitical crisis, crude prices surged above $100 per barrel and, at some points, exceeded $120 per barrel, contributing to higher fuel prices in Nigeria.

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), however, raised concerns that imported petroleum products appear cheaper than some locally refined products and called for increased competition in the downstream sector.

Meanwhile, industry observers believe further reductions may occur if crude oil prices continue their downward trend.

Some analysts have projected that petrol prices could fall below N1,000 per litre in the coming weeks if the ceasefire agreement remains effective and global oil markets remain stable.

A refinery official, however, noted that further reductions may take time because refiners are still processing crude oil purchased at previously higher prices.

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The Federal Government has approved a 15% tariff on imported petrol. The policy is intended to support local refineries and reduce dependence on imported fuel. The tariff will take effect after a 30-day transition period ending in November 2025.

Petrol marketers warn that this move could push the petrol price in Nigeria above N1,000 per litre. This is because fuel already sells around N900 to N920 in several parts of the country. They also fear that the policy may help large refineries, such as Dangote, gain more control of the market.

The government says the tariff will help protect domestic refining and stabilise the long-term fuel market. Officials also claim it will reduce pressure on the naira by lowering foreign exchange demand.

Analysts, however, caution that if local refineries fail to meet national demand, the result could be higher pump prices and possible scarcity. The success of the policy will depend on how quickly domestic fuel production increases.

The post Petrol Price May Exceed N1,000/Litre as FG Introduces 15% Import Tariff appeared first on Housing TV Africa.

The directive, effective Monday, comes in response to the Lagos State Government’s enforcement of a ₦12,500 e-call-up levy on tankers operating in the area. The new charge—introduced as part of a public-private partnership—has sparked backlash from IPMAN and the National Association of Road Transport Owners (NARTO), who claim the levy is unjustified and lacking proper stakeholder engagement.

The Lekki-Epe corridor is home to major infrastructure, including the Dangote Refinery and Lekki Deep Sea Port, making it a strategic hub for petroleum distribution in Lagos and beyond. With trucks and tankers now withdrawn from this route, concerns are rising over possible supply disruptions across the region.

During a peaceful protest, truck owners and marketers described the policy as burdensome and unsustainable. IPMAN’s former South-West chairman, Dele Tajudeen, stated that attempts to negotiate with the state government were unsuccessful. “There is no traffic congestion to justify this levy. We already pay ₦7,000 at the toll—now ₦12,500 more? And this money isn’t going to the government; it’s going to a private partner,” he said.

Truckers say the cost burden from the new fee—on top of surging diesel prices and rising costs of spare parts—will be passed on to consumers, likely leading to increased fuel prices. They also cited the lack of basic infrastructure such as trailer parks or rest stops as a major grievance.

Gbenga Olubasusi, NARTO chairman at the Lekki Free Trade Zone, pointed out that trailer tyres now cost over ₦700,000, and truck prices have nearly tenfolded in recent years. “We are already stretched thin. Adding more charges will break the supply chain,” he warned.

NARTO’s zonal secretary in the South-West, Comrade Wale Oladeinde, emphasized that this was not a strike but a “strategic withdrawal” of services under unfair conditions. “The trucks are privately owned. We cannot be compelled to operate under such policies.”

Industry leaders have urged the Lagos State government to suspend the toll and initiate transparent consultations with all stakeholders. While reaffirming their openness to dialogue, IPMAN and NARTO insist that any regulatory measures must be implemented with fairness and adequate infrastructure.

“If the government insists on pushing this through without engagement, fuel supply in Lagos and the entire South-West may be significantly disrupted,” warned Kayode Odunowo, Lagos State chairman of NARTO.

As tensions build, the state government has yet to issue an official response.

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