Nigerians go begin to see better days as fuel price go drop across filling stations nationwide from Friday after Dangote Refinery don reduce im gantry fuel price to N1,200 per litre. On Thursday, Dangote Refinery slash im petrol price by N85, which be about 6.6 percent, from N1,285 to N1,200 per litre. This move dey aim to beat petroleum depot owners prices wey dey between N1,240 and N1,255 per litre.
The development come as crude oil prices, Brent and West Texas Intermediate, don cool down for part of the week to below $100 per barrel before settling at $107 and $93 per barrel on Friday morning. DAILY POST report say the $20 billion refinery latest petrol price review dey happen amid calls for the local refinery to cut im fuel price because crude oil prices don dey ease.
The latest petrol price adjustment fit make retail fuel price drop by between N50 and N70 per litre to around N1,311 and N1,291 at major filling stations nationwide. The spokesperson for the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirm to DAILY POST say members wey dey get their petrol products from Dangote Refinery go readjust their prices. “Our member go adjust to new retail price,” Ukadike tell DAILY POST.
Filling station managers at MRS, tell DAILY POST on Thursday say dem go wait for new fuel price template circular before dem adjust their prices. “We go wait for fresh price template from head office for Lagos,” one manager at MRS filling station for Abuja, wey no want im name to dey public, tell DAILY POST.
For the last 26 days, Nigeria, like other global economies, don suffer from the ripple effect of crude oil price spike because of supply disruptions wey come from Iran-United States-Israel war escalation. For Nigeria, retail fuel prices don skyrocket by above 50 percent to N1361 and N1370 per litre from around N875 and N900 per litre for Abuja in March 2026.
Dangote Refinery don raise im petrol price for at least five times, and this don trigger nationwide fuel price increment. The refinery, wey be one of the biggest single-train refineries for the world, don dey play major role for Nigeria downstream petroleum sector since e begin operations.
Stakeholders for the industry don dey push for local production to reduce dependence on imported fuel and manage global oil shocks. The recent price cut by Dangote Refinery dey seen as step toward easing the pressure on fuel supply and reducing the influence of middlemen wey dey inflate prices.
Economists say the reduction go help to lower transportation costs and reduce inflation for the country. Many Nigerians dey applaud Dangote Refinery role for easing fuel supply pressure, especially as the country dey face economic challenges.
The Nigerian National Petroleum Corporation Limited (NNPCL) and other regulatory bodies dey monitor the situation to ensure the price adjustment dey implemented smoothly across the country. Market analysts dey watch to see how the reduction go affect other sectors of the economy and if e go lead to further price cuts by other refiners.
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