Petrol prices have fallen by up to ₦167 per litre as crude oil declines, and more reductions are expected this week.
The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has continued its downward trend across Nigeria over the past three weeks, driven by falling global crude oil prices despite renewed tensions in the Middle East.
Brent crude and West Texas Intermediate (WTI) crude traded at about $76 and $71 per barrel, respectively, on Saturday, easing after an earlier spike triggered by renewed hostilities involving the United States, Iran, and Israel.
The report noted that U.S. President Donald Trump had declared that the ceasefire involving Iran and Israel had ended, prompting a temporary rise in global crude oil prices before the market later stabilized.
The renewed geopolitical tensions had initially fuelled concerns that petrol prices in Nigeria could rise again. However, the subsequent decline in crude oil prices has instead sustained the recent downward adjustment in domestic fuel prices.
Meanwhile, Dangote Refinery has reduced its gantry price at least four times in recent weeks, bringing the ex-depot price of petrol down to ₦1,075 per litre.
The reduction has filtered through to retail outlets, where consumers are now paying significantly less for petrol than they did in June.
Checks indicate that petrol, which sold for between ₦1,317 and ₦1,336 per litre in Abuja and its environs on June 18, 2026, now sells for between ₦1,150 and ₦1,205 per litre as of Sunday, July 12, representing a reduction of between ₦131 and ₦167 per litre.
Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said Nigerians should expect further reductions in petrol prices if global crude oil prices continue to decline.
“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 told Daily Post.
The latest decline in petrol prices offers some relief to consumers and businesses grappling with high transportation and energy costs, although industry stakeholders say future price movements will continue to depend largely on developments in the international crude oil market.
