Following Dangote Refinery’s proposed fuel decrease to N1,200 per liter, petrol prices are anticipated to drop nationally starting on Friday, providing Nigerians with some much-needed respite.
In an attempt to outbid petroleum depot owners’ prices, which ranged from N1,240 to N1,255 per liter, Dangote Refinery cut its petrol price on Thursday by N85, or 6.6 percent, to N1,200 per liter from N1,285.
The development occurs as West Texas Intermediate and Brent crude oil prices dropped to less than $100 per barrel for a portion of the week before ending at $107 and $93 per barrel on Friday morning.
According to reports, the $20 billion refinery’s most recent evaluation of petrol prices coincides with demands that the local refinery lower its fuel costs in response to declining crude oil prices.
The most recent change in petrol prices could result in a cut in retail fuel prices at major filling stations around the country of between N50 and N70 per liter, or between N1,311 and N1,291.
Chinedu Ukadike, a spokesman for the Independent Petroleum Marketers Association of Nigeria, affirmed that members who purchase gasoline products from the Dangote Refinery will have their pricing adjusted.
Ukadike stated, “Our member will have to adjust to a new retail price.”
MRS filling station managers announced on Thursday that they would wait to modify their pricing until they received the new gasoline price template circular.
An anonymous manager at the MRS filling station in Abuja stated, “We would await a fresh price template from the head office in Lagos.”
Nigeria, like other economies around the world, has been negatively impacted by the surge in crude oil prices over the past 26 days as a result of supply interruptions brought on by the intensifying conflict between Iran, the United States, and Israel.
Retail petroleum costs in Nigeria have increased by more than 50%, from approximately N875 and N900 per liter in Abuja in March 2026 to N1361 and N1370 per liter.
Fuel prices have increased nationwide as a result of Dangote Refinery’s at least five price increases.
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