PETROAN urges further pump price cuts; Dangote Refinery cites older crude stocks, as consumers seek relief nationwide

Consumers and business owners in Lagos and across Nigeria have expressed renewed frustration over the continued high price of petrol at filling stations, despite international crude oil prices dropping to about $73 per barrel as at Wednesday. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) on Tuesday called for immediate reductions in pump prices, arguing that Nigerians deserve to benefit from the recent global decline.

The drop in oil prices followed a peace agreement between the United States and Iran, which eased concerns over potential supply disruptions earlier this year. Data from international trackers show crude has fallen from over $84 per barrel during the conflict period to just above $73, its lowest since early 2026. However, retail fuel prices remain stubbornly above ₦1,200 per litre in many parts of Lagos and other states, with some marketers selling between ₦1,175 and ₦1,300 per litre.

This disconnect has led many Nigerians to demand deeper price cuts at the pumps. During the peak of Middle East tensions, petrol rose sharply from around ₦830 per litre to over ₦1,300 in some areas. While Dangote Refinery recently announced a reduction in its ex-depot price by ₦75 per litre—from ₦1,250 down to ₦1,175—consumers argue that these changes are too little compared to the scale of global declines.

Speaking on Tuesday, PETROAN President Dr. Billy Gillis-Harry urged refiners and depot owners to immediately pass on cost benefits from lower crude prices to Nigerian households. “The recent decline in global crude oil prices presents an opportunity for stakeholders in the downstream petroleum sector to pass the benefits of lower crude oil costs to Nigerian consumers. Market realities should be reflected in both ex-depot and retail pump prices in the interest of fairness and economic relief for the public,” Gillis-Harry said during a press statement. He further noted concerns that imported petrol now sometimes lands cheaper than products refined locally, calling for more market competition.

Officials at Dangote Refinery have responded that pump prices cannot fall instantly because current supplies were produced with crude purchased at higher rates during the conflict period. Industry analysts add that factors such as naira exchange rates, logistics costs, refinery expenses and old stock all play roles in final pricing. Nevertheless, social media users and transport operators continue to insist that reductions so far—sometimes as little as ₦50 per litre—have not translated into real savings for ordinary Nigerians or reduced transport costs.

With inflation still running high according to recent NBS reports and many families struggling with elevated living costs, pressure is mounting on marketers and regulators to accelerate price adjustments. PETROAN has pledged ongoing engagement with government agencies and private operators to ensure that falling global oil prices eventually bring much-needed relief to Nigerian consumers.

Source: https://www.pulse.ng/story/nigerians-question-high-fuel-prices-as-crude-oil-drops-to-dollar73-per-barrel-2026062509114294656