Despite a reduction in the gantry price of petrol by the Dangote Petroleum Refinery, many filling stations across Nigeria are yet to significantly adjust their pump prices, leaving motorists still paying as much as N1,300 per litre in several locations.
The refinery had earlier reduced its ex-depot price of Premium Motor Spirit (PMS) by N100 per litre, bringing the price down to about N1,075 per litre. The adjustment followed a decline in global crude oil prices, which dropped from about $110 per barrel to around $88 per barrel in the international market.
The price drop came amid easing tensions in the Middle East, where a conflict involving the United States, Iran, and Israel had earlier disrupted oil supply routes. The crisis led to the shutdown of some oil installations and a blockade around the strategic Strait of Hormuz, one of the world’s most important oil shipping lanes. The disruptions raised fears of a global supply shortage and pushed oil prices upward in recent weeks.
However, market sentiment shifted after Donald Trump signaled that the conflict could soon end, calming concerns about prolonged supply disruptions. Following the development, Brent crude the global oil benchmark  fell by about 8.45 percent to roughly $92 per barrel from the earlier $110, representing a decline of more than 16 percent.
In response to the refinery’s price adjustment, some petrol stations in Abuja began to reduce pump prices. Retail outlets operated by the Nigerian National Petroleum Company Limited (NNPC) reportedly lowered their pump price from N1,265 per litre to about N1,161 per litre.
Other marketers, including AA Rano and AYM Sharfa, also reduced their prices from N1,330 to around N1,230 per litre.
However, many independent marketers have maintained their previous pricing structure, with pump prices still ranging between N1,300 and N1,355 per litre in several parts of the country.
In Lagos, checks at various filling stations showed that petrol was sold between N1,170 and N1,250 per litre depending on location and marketer. The disparity in prices suggests that while the refinery’s reduction has started influencing the market, its impact has yet to fully reflect nationwide.
Industry observers say further reductions may occur if global crude prices continue to decline and supply stability improves.