Petrol Prices Crash Across Depots as Marketers Import Fuel; New Depot Prices Emerge

Petrol prices have recorded a modest decline across Nigeria, with private depot operators and filling stations adjusting their rates downward in response to easing global crude oil prices.

The development follows a recent shift in international oil markets after comments by Donald Trump suggesting that the United States could withdraw from the Middle East conflict within weeks.

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The announcement helped calm tensions that had previously driven crude prices above $100 per barrel.

The earlier spike in global oil prices, triggered by heightened Middle East tensions, had significantly impacted Nigeria’s downstream market.

Petrol prices surged sharply, with dealers, including the Dangote Refinery, reportedly increasing pump prices more than 15 times in March alone. This volatility forced many depot operators to temporarily halt sales in anticipation of further hikes.

However, the recent cooling of crude oil prices has reversed that trend, prompting depot owners to reopen sales channels and reduce their rates.

Fresh data from PetroleumPriceNG showed that depot prices have begun to adjust to reflect the changing global outlook. Prices have dropped from about ₦1,275 per litre, a rate announced by Dangote Refinery in late March, to an average of ₦1,240 per litre.

Market checks indicate that several depot operators have aligned with the new pricing structure. SIGMUND is selling petrol at ₦1,235 per litre, AITEO at ₦1,240, Matrix Warri at ₦1,245, and Bono at ₦1,240 per litre.

Petrol: Hope for further price relief

Industry observers believe that ongoing diplomatic efforts and calls for a ceasefire could further stabilise oil prices, potentially leading to additional relief for consumers.

If the current trend persists, Nigerians may see more consistent pricing at both depots and retail filling stations in the coming weeks, easing the pressure on households and businesses already grappling with high energy costs.