Petrol prices at many filling stations across Nigeria have yet to drop significantly, despite Dangote Petroleum Refinery reducing its gantry price by ₦100 per litre to ₦1,075 per litre following a decline in global crude oil prices.

The price adjustment came after crude oil dropped to about $88 per barrel from around $110 per barrel on the international market.

According to reports, the ongoing conflict involving the United States, Iran, and Israel has disrupted global oil supply after oil installations were shut down and shipping through the Strait of Hormuz was blocked.

However, oil prices began to decline after U.S. President Donald Trump indicated the war could end soon, easing fears of prolonged disruptions to global energy supply.

Market data showed that Brent crude, the global oil benchmark, fell by about 8.45% to roughly $92 per barrel from $110, representing a decline of around 16.4%.

The drop also followed discussions by European energy ministers on releasing strategic oil reserves to stabilize global prices.

Despite the refinery’s price cut, most petrol marketers have not adjusted pump prices.

In Abuja, however, some filling stations reduced prices by about ₦100 per litre.

• NNPC Retail outlets cut their price from ₦1,265 to ₦1,161 per litre.

• AA Rano and AYM Shafa also lowered their pump prices to ₦1,230 from ₦1,330.

But many independent marketers maintained prices between ₦1,300 and ₦1,355 per litre.

In Lagos, petrol was selling between ₦1,170 and ₦1,250 per litre, depending on the location.

Depot prices also remained relatively high, ranging between ₦1,190 and ₦1,220 per litre.

Checks showed that major depots in Lagos, including Matrix, MENJ, NIPCO, Pinnacle and Rainoil, sold petrol between ₦1,175 and ₦1,200 per litre.

In Warri, depots such as Danmarna, Matrix, Parker, Prudent and Zamson sold the product at prices ranging from ₦1,200 to ₦1,205 per litre.

Similarly, in Port Harcourt, depots including Bulk Strategic, Liquid Bulk, Masters, Matrix and Sigmund sold petrol between ₦1,150 and ₦1,220 per litre.

In Calabar, depots such as Dozzy, Fynefield, Matrix, Northwest and Wabeco sold petrol between ₦1,195 and ₦1,205 per litre.

Despite the refinery’s price reduction, pump prices across Nigeria remain largely unchanged, reflecting supply chain costs and marketers’ pricing decisions.

Source: Vanguard