Nigerians may soon pay less for petrol after the Federal Government, Dangote Refinery, depot owners and petroleum marketers reached a fresh understanding aimed at reducing fuel prices across the country.
The development followed a stakeholders’ meeting in Abuja convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), where participants reviewed the impact of declining global crude oil prices on the domestic cost of Premium Motor Spirit (PMS).
According to the Chief Executive of the NMDPRA, Rabiu Umar, the current international crude oil price supports further reductions in petrol prices, urging operators across the downstream sector to ensure pricing reflects prevailing market realities.
Providing details after the meeting, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed that all major stakeholders had agreed to work towards additional price reductions.
The marketers, however, stressed that fuel prices cannot be fixed arbitrarily or below operational costs, noting that businesses must remain sustainable. They explained that although crude oil prices have declined, petrol pricing is still influenced by several factors, including exchange rates, transportation costs, refining expenses and international market volatility.
According to Gillis-Harry, petrol currently selling between ₦1,150 and ₦1,299 per litre in Abuja and surrounding areas could decline further if crude oil prices continue their downward trend. Maigandi also expressed optimism that pump prices may eventually fall to around ₦1,000 per litre or even lower, depending on market conditions.
The stakeholders emphasized that every player in the supply chain—including refiners, depot owners and retailers—would need to absorb part of the cost reduction to make lower prices possible without disrupting fuel supply.
Recent weeks have already seen significant price adjustments, with Dangote Refinery, the Nigerian National Petroleum Company Limited (NNPC Ltd.) and several independent marketers cutting pump prices by more than ₦100 per litre.
As of the time of the meeting, Brent crude traded at about $71–$72 per barrel, while West Texas Intermediate (WTI) hovered around $68 per barrel, factors expected to continue influencing domestic fuel prices.
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