June 17, (THEWILL) — Petrol prices could decline to about ₦1,200 per litre in the coming days following a fresh reduction in ex-depot prices by the Dangote Petroleum Refinery, marketers have said.
The refinery, on Monday, slashed its petrol gantry price by ₦75 per litre, reducing it from ₦1,250 to ₦1,175. The move has also prompted other depot operators to lower their prices to around ₦1,180 per litre.
The price cut comes amid easing tensions in the global oil market after the United States and Iran reached a peace agreement, leading to a sharp decline in crude oil prices. In a circular to marketers, Dangote Refinery said the adjustment followed the de-escalation of tensions in the Middle East, which had driven energy prices higher in recent months.
According to the refinery, the new gantry price of ₦1,175 and revised coastal price took effect from midnight on June 16, 2026, with all outstanding unloaded volumes to be repriced accordingly.
Despite the reduction at depots, filling stations have yet to adjust pump prices, with petrol still selling for about ₦1,280 per litre in many locations. Marketers attributed the delay to existing stock purchased at higher rates.
National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said retail prices would begin to reflect the new rates once marketers clear old inventory.
He projected that petrol could sell for between ₦1,200 and ₦1,250 per litre in Lagos, while prices may remain slightly higher in other parts of the country due to transportation costs.
Ukadike urged consumers to be patient, noting that immediate reductions would expose marketers to losses on existing stock.
The latest adjustment is expected to provide some relief to motorists and businesses as falling crude oil prices continue to ease pressure on domestic fuel costs.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
