Some Nigerian fuel retailers have reduced pump prices, reflecting a decline in global crude oil costs and increasing competition in the domestic downstream sector.
Ranoil and Empire Energy filling stations have lowered their petrol prices to N1,370 and N1,383 per litre, respectively. This represents a decrease of N70 and N37 per litre from previous rates of N1,440 and N1,430. A station manager, speaking anonymously, confirmed the adjustment was a strategic move to remain competitive amid shifting market dynamics.
These cuts place the two retailers in line with other major players. The Nigerian National Petroleum Company Limited (NNPC) sells at N1,361 per litre, while MRS maintains a price of N1,367 per litre. The collective downward trend follows a significant drop in international crude oil benchmarks. Brent crude fell nearly 10 per cent to $100.2 per barrel, while West Texas Intermediate declined to $88.85 per barrel. The depreciation coincided with confirmed U.S.-Iran talks aimed at de-escalating tensions in the Middle East, a key oil-producing region.
The fall in global prices has raised expectations that the Dangote Refinery may revisit its own gantry price, which has been fixed at N1,245 per litre since several adjustments in March 2024. The refinery, a cornerstone of Nigeria’s push for energy self-sufficiency, had previously increased rates, contributing to the prevailing retail landscape.
This development offers potential relief for Nigerian consumers grappling with high fuel costs, which directly influence inflation and household expenses. While the price reductions are currently limited to specific retailers, they signal a responsiveness to global market shifts. Further adjustments across the sector will depend on the sustainability of lower crude prices and competitive strategies among downstream operators.
