Fuel prices in Nigeria may continue to decline in the coming days as more filling stations prepare to lower their pump prices in response to falling import landing costs, according to petroleum marketers.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said fuel retailers are expected to adjust their prices to remain competitive as the cost of bringing petrol into the country continues to decrease.
He explained that filling stations are closely monitoring market conditions and are likely to pass on some of the savings to consumers if the favourable pricing trend persists. The expected reductions could provide much-needed relief for millions of Nigerians who have faced high transportation and living costs following fuel price increases over the past year.
The latest development follows recent pump price cuts by the Nigerian National Petroleum Company Limited (NNPC) and several independent marketers, including MRS. Industry observers believe increased competition among retailers is encouraging lower prices as companies compete for customers.
At the wholesale level, Dangote Refinery has maintained its petrol loading price at ₦1,215 per litre, while depot operators have adjusted their ex-depot prices to between ₦1,215 and ₦1,225 per litre. Despite these reductions, petrol is still sold to consumers in many parts of Abuja and surrounding areas for between ₦1,265 and ₦1,310 per litre.
The downward trend is also being supported by weaker global crude oil prices. Brent crude has fallen to around $78 per barrel, while West Texas Intermediate (WTI) is trading at approximately $75 per barrel, reducing pressure on fuel import costs.
Analysts say further declines in international oil prices and stable supply could encourage additional price adjustments in the coming weeks. The situation is being closely watched across Africa, where Nigeria’s energy market often influences regional fuel trade and economic activity.
