International Energy Markets: Fuel Prices Stay High in Nigeria Despite Falling Crude Oil Costs

Fuel retailers across Nigeria have maintained high petrol pump prices, even as global crude oil prices have fallen sharply, according to a report monitored across Lagos and other major cities.

Recent data shows crude oil prices sliding to around $100 per barrel from about $130 per barrel, driven in part by diplomatic efforts that could ease tensions in the Middle East and lead to increased supply.

Despite this decline, Premium Motor Spirit (PMS) commonly known as petrol continued to be sold at roughly ₦1,300 per litre and above at most filling stations surveyed. Retail outlets such as MRS were selling at about ₦1,333 per litre, while depot prices were slightly lower.

Depot operators, including Alkanes, Soroman, and Bovas, reportedly priced petrol around ₦1,270 per litre, and Dangote Petroleum Refinery’s product was listed at about ₦1,285 per litre at the gantry.

Consumers and industry watchers had expected retailers to pass on the benefits of lower global crude costs to motorists.

However, gasoline prices in the Federal Capital Territory and other regions have remained elevated, contributing to rising transport costs and broader economic strain for Nigerian households.

The persistent high prices have reignited debate about competitiveness and pricing dynamics within Nigeria’s downstream fuel market, which remains sensitive to global oil prices, refining capacity constraints and local distribution costs.