Nigerians may soon see some relief at teh pumps after a reduction in petrol prices by the Dangote Refinery, a move expected to trigger lower retail costs nationwide. The refinery on Thursday cut its gantry price by N85, representing a 6.6 percent decrease, bringing the price down to N1,200 per litre from N1,285 The adjustment is aimed at undercutting prevailing depot prices, which ranged between N1,240 and N1,255 per litre.
The development follows a slight easing in global crude oil prices earlier in the week. Brent crude and West Texas Intermediate both dipped below $100 per barrel before settling at $107 and $93 per barrel respectively as of Friday morning.
The latest price review by the $20 billion refinery comes amid sustained calls for a reduction in local fuel prices, especially as global oil benchmarks show signs of cooling.
Industry analysts say the adjustment could translate to a retail price drop of between N50 and N70 per litre, potentially bringing pump prices down to around N1,311 and N1,291 at major filling stations across the country.
The spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that marketers sourcing products from the refinery would revise their prices accordingly.
“Our member will have to adjust to a new retail price,” Ukadike told DAILY POST.
At the retail level, filling station operators say they are awaiting official guidance before implementing any changes. Managers at MRS filling stations indicated that price adjustments would depend on directives from their headquarters.
“We would await a fresh price template from the head office in Lagos,” a manager at the MRS filling station in Abuja, who preferred anonymity, told DAILY POST.
The price cut comes after weeks of volatility in the global oil market, driven in part by supply disruptions linked to the escalating Iran–United States–Israel conflict.
Nigeria has not been spared the impact, with petrol prices rising sharply by more than 50 percent in recent weeks. In Abuja, prices climbed to between N1,361 and N1,370 per litre, up from around N875 to N900 earlier in March 2026.
The recent surge followed multiple price increases by the Dangote Refinery, which has adjusted its petrol rates at least five times, contributing to nationwide hikes.
The latest reduction, however, signals a potential turning point, offering hope of easing fuel costs for consumers and businesses alike if the trend is sustained.
