Petrol prices have dropped below ₦900 per litre at several filling stations, following a ₦40 cut in the ex-depot price by the Dangote Petroleum Refinery, The PUNCH reports.
Surveys across Lagos and Ogun States revealed that many stations are now selling petrol between N875 and N890 per litre. However, a few outlets still charge N900 or more. The price adjustments reflect alignment with Dangote’s revised pricing structure.
MRS Oil, a major distributor of Dangote products, slashed its pump price in Lagos from N925 to N885. Other regional pricing changes include N895 in the South-West, N905 in the North-West and North-Central, and N915 in the South-South, South-East, and North-East.
Dangote Refinery had earlier reduced its ex-depot price from N880 to N840 per litre on June 30, after global crude oil prices stabilized.
The decline followed easing tensions between Israel and Iran, which had caused Brent crude to fall from nearly $80 to about $68 per barrel. West Texas Intermediate also dropped to $66, according to Oilprice.com.
Initially, many marketers were hesitant to reduce retail prices due to existing inventory bought at higher costs. Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria, explained that outlets needed time to sell off older stock to avoid financial losses.
By the weekend, however, most stations had adjusted prices. Along the Lagos-Ibadan Expressway, prices ranged from N875 to N890 per litre.
For instance, AP and SGR sold petrol at ₦880, As-Sallam at N875, Akiavic at N885, and SAO at N890. Rainoil remained slightly higher at N910.
Depot prices also dropped in response. Major depots like RainOil, Pinnacle, and Matrix were selling at ₦840, while others like First Royal, Menj, and Aipec offered rates between N837 and N839.
Experts had forecasted a nationwide pump price settling around N890, consistent with the adjusted gantry price.
This marks a notable decline from recent highs of N925–N960 per litre seen during the global oil price surge. In remote northern regions, prices had peaked at N980 due to high transportation costs.
With international oil markets stabilizing, Nigerians may see further downward trends in petrol prices in the near term.
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