Several filling stations along the Lagos-Ibadan Expressway and in other parts of Lagos and Ogun states have reduced petrol prices to below N1,300 per litre following a fresh price cut announced by the Dangote Petroleum Refinery.
The refinery on Sunday lowered its ex-depot gantry price of petrol to N1,250 per litre from N1,275 per litre. It also reduced the price of diesel to N1,700 per litre from N1,800 per litre.
According to officials of the refinery, the latest price adjustment reflects the recent decline in global oil prices and underscores the company’s commitment to making refined petroleum products more affordable while providing cost relief for consumers and businesses across Nigeria.
Following the announcement, checks across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pump prices. MRS filling stations reduced their petrol price to N1,286 per litre, while NIPCO and Heyden sold the product at N1,290 per litre. SGR also adjusted its pump price to N1,297 per litre.
Similar reductions were recorded in the diesel market, with many filling stations lowering diesel prices to N1,800 per litre from the previous N1,900 per litre.
Despite the reductions, a number of retail outlets continued to sell petrol above the N1,300 per litre mark. Filling stations operated by the Nigerian National Petroleum Company Limited in Ibafo adjusted their pump prices to N1,305 per litre, while Mobil and Asharami sold petrol at N1,310 and N1,320 per litre respectively.
The latest price adjustments come amid ongoing efforts to stabilise Nigeria’s downstream petroleum sector following the deregulation of fuel pricing. In recent months, petrol prices have remained volatile, influenced by fluctuations in international crude oil prices, foreign exchange movements and supply dynamics within the domestic market.
The current reduction follows a prolonged period of elevated fuel costs that saw petrol prices rise from about N830 per litre to more than N1,300 per litre after global crude oil prices climbed above $115 per barrel amid tensions between the United States and Iran. The latest decline in pump prices is expected to provide some relief to motorists, businesses and households facing increased transportation and energy costs.
