Fuel Costs Remain Elevated at ₦1,300 per Litre Despite Dangote Price Adjustment

Fuel Costs Remain Elevated at ₦1,300 per Litre Despite Dangote Price Adjustment

Despite a recent price reduction by Dangote Petroleum Refinery, petrol prices in Nigeria remain high at around ₦1,300 per litre, as global oil market volatility fueled by the Middle East conflict continues to impact local fuel costs.

Dangote Petroleum Refinery, responsible for a significant portion of Nigeria’s domestic petrol supply, recently cut its ex‑depot price to ₦1,075 per litre, reflecting a slight easing of global crude oil prices, which dropped to approximately $88 per barrel. However, marketers have not fully passed on the reduction at retail pumps, leaving consumers paying roughly ₦1,300 per litre in major cities including Lagos, Port Harcourt, and Calabar.

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Analysts note that the persistent high petrol prices are largely due to ongoing tensions in the Middle East, which have disrupted crude supply routes and caused market uncertainty. Transport operators and commuters have expressed frustration, citing higher operating costs and increased fares as a result of elevated fuel prices.

The African Democratic Congress (ADC) and other socio-economic advocates have called on the Federal Government to intervene, urging measures such as increasing crude supply to local refineries or considering targeted price caps or subsidies to cushion the impact on Nigerians.

Economists warn that sustained high petrol prices could drive inflation higher, further straining the cost of living and affecting businesses that rely heavily on transportation and logistics. While the Dangote refinery’s price cut is a positive step, market analysts say that global instability and oil supply disruptions mean pump prices are likely to remain elevated in the near term.

Fuel Costs Remain Elevated at ₦1,300 per Litre Despite Dangote Price Adjustment