Nigeria cuts petrol price up to ₦167 per litre as global crude falls

Petrol (Premium Motor Spirit) prices in Nigeria have been reduced by as much as ₦167 per litre over the past three weeks, bringing retail pump prices to a range of ₦1,150‑₦1,205 per litre. The decline follows a fall in international crude oil benchmarks, with Brent trading near $76 a barrel and West Texas Intermediate around $71, after a brief spike caused by renewed U.S.–Iran‑Israel tensions.

Dangote Refinery lowered its gantry price to ₦1,075 per litre, and the ex‑depot price fell accordingly. The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis‑Harry, said, “The fuel price will continue to drop,” noting the sector’s usual volatility. The reductions provide relief to consumers and businesses facing high transportation costs.

Earlier comments by U.S. President Donald Trump that a cease‑fire between Iran and Israel had ended briefly lifted crude prices, but the market soon stabilised, allowing the continued downward adjustment of domestic fuel prices.