Petrol prices in Nigeria have continued their downward trend over the past three weeks, with industry stakeholders projecting further reductions as global crude oil prices soften despite renewed tensions in the Middle East.
Brent crude and West Texas Intermediate (WTI) futures traded at about $76 and $71 per barrel respectively on Saturday, after retreating from earlier gains sparked by renewed hostilities involving the United States and Iran.
The price spike followed comments by US President Donald Trump, who declared that the ceasefire with Iran, and by extension Israel, had ended. However, crude prices later moderated on Thursday and Saturday, easing concerns over a prolonged surge in global oil prices.
The temporary escalation in geopolitical tensions had fuelled speculation that domestic petrol prices in Nigeria could rise again. However, the continued decline in international crude prices has instead sustained the recent downward adjustment in fuel costs.
In line with the trend, the Dangote Refinery has slashed its gantry price at least four times in recent weeks, bringing it down to N1,075 per litre. Depot owners have also adjusted their ex-depot prices downward.
The reductions have filtered through to retail outlets across the country.
Checks showed that petrol now sells for between N1,150 and N1,205 per litre in Abuja and surrounding areas as of Sunday, July 12, 2026, compared to between N1,317 and N1,336 per litre on June 18, 2026. This represents a decline of between N131 and N167 per litre within three weeks.
Speaking with Nigerian Newssphere on Saturday, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said motorists should expect further reductions in petrol prices if crude oil continues its downward trajectory.
“The fuel price will continue to drop. We have seen in the past three weeks with the Dangote refinery and petrol retailers and marketers amid falling crude oil prices. One thing constant with the downstream sector is price volatility,” he said.
According to Gillis-Harry, movements in global crude oil prices remain the major determinant of petrol pricing in Nigeria’s deregulated downstream petroleum sector, making price adjustments inevitable as market conditions change.
