Why Nigerian Petrol Prices Remain High Despite Crude Oil Slump to $73

Global crude oil prices fell from around $76.75 to $73.50 per barrel after a peace deal ended the US-Iran conflict. Consumers had hoped pump prices would drop below ₦1,000 per litre, but many stations still sell petrol at about ₦1,205 per litre. The Dangote refinery recently cut its gantry price by ₦75, yet importers have been slow to follow. The Petroleum Products Retail Outlets Owners Association of Nigeria urged refiners, depot owners and importers to reflect lower landing costs in ex-depot and pump prices. A refinery official said no importer is selling below current rates because they are still processing expensive crude bought during the crisis. Stakeholders say true competition in the downstream sector is needed to guarantee fair prices for consumers.

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