Some filling stations across Nigeria have begun reducing their petrol pump prices in response to recent fluctuations in the global crude oil market.
A market survey conducted on Monday showed that major marketers, including Ranoil and Empire Energy, have adjusted their prices downward. Ranoil cut its pump price from ₦1,440 to ₦1,370 per litre, while Empire Energy reduced its price from ₦1,430 to ₦1,383 per litre—representing decreases of ₦70 and ₦37 respectively.
A station manager, who spoke on condition of anonymity, said the price cuts were driven by the need to remain competitive in Nigeria’s increasingly dynamic downstream petroleum sector. He noted that intensifying competition among marketers has made periodic price adjustments unavoidable.
Meanwhile, the Nigerian National Petroleum Company Limited and MRS filling stations are currently selling petrol at ₦1,361 and ₦1,367 per litre respectively.
The downward price adjustments come amid a sharp decline in global crude oil prices. Brent crude dropped by nearly 10 percent to $100.2 per barrel, while West Texas Intermediate fell to $88.85 per barrel. The decline follows confirmation from the United States and Iran that diplomatic talks are ongoing to ease tensions in the Middle East.
The easing of crude prices has fueled expectations that the Dangote Refinery may also reduce its gantry price in the coming days.
Currently, the refinery’s gantry price stands at ₦1,245 per litre, up from ₦1,175 after a recent adjustment that took effect on March 21, 2026. The revised pricing applies to all outstanding and yet-to-be-delivered orders, with marketers expected to comply with the updated rate.