Petrol pump prices across many parts of Nigeria have dropped below ₦900 per litre following a ₦40 reduction in the ex-depot price by the Dangote Petroleum Refinery. Findings revealed that filling stations in Lagos and Ogun states are now dispensing Premium Motor Spirit (PMS) at rates between ₦875 and ₦890 per litre, down from last week’s highs of ₦925 to ₦960. The new price regime took effect after the refinery lowered its ex-depot price from ₦880 to ₦840 per litre on June 30.

MRS Oil, a key distributor of Dangote’s products, adjusted its Lagos pump price to ₦885, while outlets across the South-West now sell between ₦875 and ₦895. In contrast, Northern and South-Eastern regions still see slightly higher prices, ranging from ₦905 to ₦915 per litre due to transportation and distribution costs. Depots have also joined the price adjustment trend, with major suppliers like RainOil, Matrix, Aiteo, and NIPCO cutting their ex-depot prices to between ₦837 and ₦844 per litre in Lagos.

The recent reduction follows a retreat in global crude oil prices, which had previously surged during heightened tensions between Israel and Iran. With Brent crude now trading below $70 per barrel, the drop has filtered through the local supply chain. According to the Petroleum Products Retail Outlet Owners Association of Nigeria, many marketers delayed adjusting prices last week due to unsold high-cost stock. However, as old supplies were exhausted, pump prices began to reflect the new realities, offering slight relief to motorists across the country.