Nigerian Petrol Prices Continue Downward Trend Amid Global Oil Shifts

Nigerians have witnessed a consistent decline in Premium Motor Spirit (PMS) prices over the past three weeks, a development occurring amidst fluctuating global crude oil values. DAILY POST reports indicate that both Brent crude and West Texas Intermediate (WTI) saw their prices fall to $76 and $71 per barrel respectively on Saturday. This reduction happened even as renewed military actions unfolded between the United States and Iran.

Earlier, comments from US President Donald Trump, who declared an end to the ceasefire with Iran and, by extension, Israel, had initially caused crude oil prices to surge. However, this upward trend was short-lived, with prices cooling off by Thursday and Saturday. The heightened tensions in the Middle East had initially sparked concerns of potential increases in Nigeria's domestic fuel prices, but these speculations did not materialize as crude oil prices subsequently eased.

According to DAILY POST, the gantry price at Dangote Refinery, alongside ex-depot prices from other depot owners, has now settled at N1,075 per litre. This marks at least four consecutive price reductions, directly attributed to the ongoing decline in international crude oil prices. This decrease at the gantry has directly translated into lower retail petrol prices for consumers over the last three weeks.

Specifically, the pump price for fuel has dropped significantly, by either N167 or N131 per litre. As of Sunday, July 12, 2026, motorists in Abuja and its environs are now purchasing petrol for between N1,150 and N1,205 per litre, a notable reduction from the N1,317 to N1,336 per litre range observed on June 18, 2026.

Commenting on these market dynamics, Billy Gillis-Harry, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, confirmed on Saturday that the trend of decreasing retail and gantry petrol prices is expected to persist as crude oil prices continue to ease. He stated, “The fuel price will continue to drop. We have seen this 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.”