Petrol Price Shock: Nigerians Still Paying N1,200/Litre Despite Crude Oil Crash to $73
- Global crude oil prices have fallen to about $73 per barrel following a peace agreement between the US and Iran, but petrol prices in Nigeria remain high
- PETROAN has urged refiners, depot owners, and importers to reduce prices in line with lower crude oil costs
- Industry sources say fuel prices have not fallen further because refiners are still processing crude oil purchased at higher prices during the Middle East conflict
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Petrol prices across Nigeria have remained stubbornly high despite a significant decline in global crude oil prices, raising concerns among consumers who expected lower fuel costs following easing tensions in the Middle East.
Data from Oilprice.com showed that crude oil prices dropped from $76.75 per barrel on Tuesday to $73.50 per barrel on Wednesday, June 23, 2026, marking their lowest level since the United States-Iran conflict began earlier this year.
Source: Getty Images
The decline has continued since both countries reached a peace agreement, reducing fears of disruptions to global oil supplies.
Despite the downward trend in crude prices, petrol is still being sold at many filling stations for around N1,205 per litre, leaving motorists questioning why pump prices have not reflected the changes in the international market.
Expectations rise for cheaper petrol
The sharp fall in crude oil prices has fueled expectations that petrol should become more affordable. During the height of the Middle East tensions, crude prices climbed to nearly $120 per barrel, contributing to a steep rise in fuel prices across Nigeria.
Many Nigerians anticipated that with crude now trading around $73 per barrel following the June 14 peace deal, petrol prices would fall below N1,000 per litre. However, that expectation has not yet been met.
In recent weeks, the Dangote Refinery reduced its ex-depot petrol price by N75 per litre, cutting the rate from N1,250 to N1,175. The adjustment prompted some importers to review their prices downward, though retail pump prices remain relatively high.
The refinery had previously increased its gantry price from N774 to N874 per litre when geopolitical tensions in the Middle East pushed crude oil prices above $84 per barrel. During that period, petrol prices at filling stations surged from around N830 to more than N1,300 per litre.
Refiners cite cost of earlier crude purchases
However, industry insiders argue that immediate price reductions may not be feasible. A senior official at the Dangote Refinery, who requested anonymity, explained that the refinery is still processing crude oil acquired at significantly higher prices during the conflict period.
According to the source, fuel importers are not currently offering petrol at prices lower than the refinery's prevailing rates, suggesting that many marketers may be waiting for further price adjustments from the refinery before making additional reductions.
Source: Getty Images
Meanwhile, global oil prices have continued to soften as traders respond positively to the US-Iran peace agreement.
The easing of tensions has reduced concerns over disruptions along the Strait of Hormuz, a critical route for global oil shipments, while reports of improving maritime traffic have further supported the decline in crude prices.
6 oil markets secure fuel import licences
Meanwhile, Legit.ng earlier reported that the NMDPRA approved new fuel import permits for six major marketers for the July–September 2026 period.
The approvals cover imports of petrol and diesel to address the tightening fuel supply and low stock levels in the country.
Petrol reserves have dropped to about 16 days of cover, prompting efforts to stabilise supply through increased imports.
Source: Legit.ng
