FG Forecasts Continued Fall in Petrol, Diesel, LPG Prices as Supply Improves

FG Forecasts Continued Fall in Petrol, Diesel, LPG Prices as Supply Improves

The Federal Government of Nigeria (FG) has assured citizens that the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) will continue to decline in the coming months. Officials attributed the expected relief to increased fuel supply, improved refining capacity, and market competition in the downstream oil and gas sector.

During an inspection of energy facilities in Rivers State, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said stronger supply chains and competition among suppliers have already caused noticeable drops in petrol and diesel prices, with some stations listing petrol at around ₦800 per litre, down from previous peaks of ₦1,000 per litre.

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NMDPRA also highlighted that the ongoing expansion of domestic refineries, including the Dangote Petroleum Refinery, has eased pressure on the market, resulting in more affordable energy costs for consumers. Government interventions, such as suspending the proposed 15 % import duty on petroleum products, were also cited as key measures ensuring price stability.

The National Bureau of Statistics (NBS) confirms this downward trend, noting that the average retail petrol price fell from ₦1,214 per litre in November 2024 to approximately ₦1,061 per litre in November 2025, signaling a continued positive trajectory. The FG urges Nigerians to expect further reductions in diesel and LPG prices as supply and competition remain robust.

Officials reaffirmed that the government remains committed to ensuring energy affordability, stabilizing the market, and protecting consumers from sudden price spikes, while encouraging private sector investment to sustain a healthy supply-demand balance.

FG Forecasts Continued Fall in Petrol, Diesel, LPG Prices as Supply Improves