Pressure is mounting on President Bola Ahmed Tinubu’s administration as Nigerians demand an immediate reduction in petrol prices following the sharp decline in global crude oil prices. Despite Brent crude falling to around $71 per barrel and West Texas Intermediate dropping to about $69, motorists across the country are yet to see a matching relief at filling stations.
The latest fall in crude prices has returned the international market to levels seen before the escalation of tensions involving Iran, Israel, and the United States earlier this year. During the crisis, fuel prices in Nigeria surged dramatically, climbing from between ₦800 and ₦900 per litre to as high as ₦1,400 before settling above ₦1,200 in many cities.
Although the Dangote Refinery has announced two consecutive reductions in its gantry petrol price, bringing it down to ₦1,125 per litre, many Nigerians insist that pump prices should now fall below ₦1,000 per litre. Consumer groups argue that if higher crude prices justified earlier increases, lower crude prices should equally translate into cheaper fuel.
Adding to the debate, energy experts note that petrol prices do not always decline at the same pace as crude oil because of what economists describe as “asymmetric price transmission.” They explain that refining costs, distribution expenses, exchange rates, and existing supply contracts can delay reductions at retail outlets.
Even with those explanations, critics say the Federal Government has remained noticeably silent as calls for intervention grow louder. President Tinubu, who also serves as Nigeria’s substantive Minister of Petroleum Resources, has yet to publicly respond to demands for a commensurate reduction in fuel prices. Other key agencies responsible for the petroleum sector have also not issued official statements on the matter.
With inflation still squeezing household incomes and transport costs remaining high, many Nigerians are watching closely to see whether the falling crude market will finally bring long-awaited relief at the pump—or whether the silence from authorities will continue.
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