Petrol Price Drops Below ₦1,300 as Dangote Refinery Cuts Fuel Cost
Petrol Price Reduction in Nigeria Brings Relief to Motorists
Nigerians have begun to experience a slight reduction in fuel costs as several filling stations in Lagos and Ogun states now sell petrol below ₦1,300 per litre following a fresh price cut by the Dangote Petroleum Refinery.
The refinery recently reduced its ex-depot (gantry) price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,275 to ₦1,250 per litre. Diesel prices were also lowered from ₦1,800 to ₦1,700 per litre. The company said the move is aimed at making petroleum products more affordable and supporting economic activities across the country.
Filling Stations Adjust Pump Prices
Following the reduction, some filling stations have adjusted their pump prices accordingly.
Reports indicate that several marketers, including MRS, NIPCO, Heyden, and other independent stations, now sell petrol between ₦1,286 and ₦1,297 per litre in parts of Lagos and Ogun states. However, some outlets continue to sell above ₦1,300 per litre depending on supply costs and location.
Why Dangote Reduced Petrol Prices
According to officials, the latest adjustment was influenced by recent declines in international crude oil prices. The refinery noted that the reduction is part of its efforts to improve supply efficiency, deepen local refining, and provide cost relief for consumers and businesses that rely heavily on fuel for transportation, power generation, and industrial activities.
Since commencing operations, the 650,000-barrel-per-day refinery has significantly increased the supply of refined products to the Nigerian market, helping to reduce dependence on imported fuel.
Global Oil Prices May Affect Future Fuel Costs
Despite the current relief, industry observers warn that fuel prices remain tied to developments in the global oil market.
Recent movements in crude oil prices have renewed concerns that fresh geopolitical tensions in the Middle East could push oil prices higher again. If global crude prices continue to rise, fuel prices in Nigeria could face upward pressure in the coming weeks.
Stakeholders, however, remain optimistic that further reductions may occur if international oil prices stabilize or decline.
“Lower fuel prices provide temporary relief for households and businesses, but long-term stability depends on both local refining capacity and global oil market conditions.”
The latest petrol price reduction in Nigeria offers welcome relief to motorists, transport operators, and businesses struggling with rising operating costs. While some filling stations have already reduced pump prices below ₦1,300 per litre, future pricing will largely depend on crude oil trends and market conditions. For now, the Dangote Refinery’s latest move highlights the growing impact of domestic refining on Nigeria’s energy sector and economy.
