Petrol prices have started falling below N1,300 per litre at several filling stations in Lagos and Ogun states following the latest price reduction announced by the Dangote Petroleum Refinery.
The development comes after the refinery on Saturday reduced its ex-depot price of petrol, describing the move as part of its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.
Dangote Refinery lowered the gantry price of petrol from N1,275 to N1,250 per litre, while diesel was reduced from N1,800 to N1,700 per litre.
Checks conducted on Tuesday showed that some filling stations along the Lagos-Ibadan Expressway had already adjusted their pump prices in response to the reduction. MRS stations in the Mowe and Ibafo areas of Ogun State were selling petrol at N1,286 per litre.
Similarly, NIPCO and Heyden outlets sold petrol at N1,290 per litre, while SGR offered the product at N1,297 per litre.
Despite the reductions, several filling stations continued to sell above the N1,300 mark. Nigerian National Petroleum Company Limited (NNPC) retail stations in Ibafo dispensed petrol at N1,305 per litre, while Mobil and Asharami sold at N1,310 and N1,320 per litre respectively.
Dangote Refinery stated that the latest adjustment forms part of its ongoing efforts to improve supply efficiency, strengthen local refining capacity, and provide relief for consumers and businesses that depend heavily on petroleum products for transportation, power generation, and industrial activities.
The price reduction has also affected diesel, with many filling stations now selling the product at about N1,800 per litre, down from the previous average of N1,900 per litre.
Since beginning operations, the 650,000-barrel-per-day refinery has steadily increased the supply of refined petroleum products to the local market, helping to reduce Nigeria’s dependence on fuel imports.
A refinery official explained that the latest price cut was influenced by the recent decline in global crude oil prices before markets rebounded earlier this week.
Crude oil prices had risen sharply from below $70 per barrel after tensions escalated between the United States and Iran on February 28. Over the following months, crude traded above $100 and at some points exceeded $115 per barrel, contributing to higher fuel prices worldwide.
In Nigeria, the rise in crude prices pushed petrol prices from about N830 per litre to around N1,300 per litre, while diesel and aviation fuel also recorded significant increases, prompting concerns from airline operators and other stakeholders.
Industry stakeholders have expressed optimism that further reductions in petrol prices could occur if global oil prices decline again.
However, fresh concerns have emerged after crude oil prices rebounded on Monday following renewed military actions involving the United States, Iran and Israel.
Reports indicated that Brent crude surged by more than seven per cent, climbing from $91.12 to $97.52 per barrel after Iranian state-linked media reported that Tehran was suspending diplomatic engagement with Washington and moving to fully block the strategic Strait of Hormuz.
The renewed increase in crude oil prices has raised fears of another round of fuel price hikes globally, with potential consequences for countries that rely heavily on imported energy products.
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