[REVISION HISTORY]

Nigeria fuel pricing and economic impact

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2026-10-23 08:14 UTC → 2026-10-26 06:11 UTC · added ~~removed~~

Discussions regarding fuel costs in Nigeria have centered on proposed pricing strategies and the resulting economic impact on citizens. Former Cross River State governor Donald Duke, now the presidential candidate for the Peoples Redemption Party (PRP), has advocated for pricing domestic crude at its production cost—estimated as low as $40 per barrel—rather than international market rates. He pledged to reduce petrol prices to approximately N300 per litre by allocating 600,000 barrels of crude oil daily for domestic use. Despite such proposals, petrol prices have experienced significant volatility. Following the removal of the petrol subsidy, prices reached between N1,350 and N1,600 per litre in various regions. ~~On 12 September~~ In October 2026, ~~the Dangote Refinery increased its~~ NNPC Limited introduced a 30-day petrol ~~gantry price from N1,265~~ discount to mark its 66th Independence Anniversary, offering fuel at N1,350 per ~~litre. However,~~ litre by ~~late September, retail prices began to decline as depot rates fell. MRS lowered~~ forgoing its ~~Lagos price from ₦1,370 to ₦1,350 per litre, while depot prices in Port Harcourt dropped to as low as ₦1,303 per litre, coinciding with~~ profit margins. While Finance Minister Taiwo Oyedele clarified this is a ~~global dip in Brent~~ commercial decision and ~~WTI crude prices. Recent data~~ not a return to the subsidy regime, critics like former Vice President Atiku Abubakar have labeled it a “politically motivated palliative.” Additionally, motorists have noted that the discount is primarily accessible via the NNPC mobile application. Supply concerns persist. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicates a growing supply-demand gap. In September 2026, daily petrol imports fell by 30.1% to 10.2 million litres, even as daily consumption rose by 7% to 44.4 million litres. This created a daily shortfall of approximately 5.7 million litres, leaving stock cover at 23.9 days, below the 30-day sufficiency benchmark. Meanwhile, diesel prices have faced upward pressure, with the Dangote ~~Petroleum~~ Refinery ~~reported a capacity utilisation of 105.98% for September.~~ adjusting its diesel price to N1,800 per litre.

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