Nigeria Sees Petrol Price Drop of Up to ₦167 Per Litre

Petrol prices in Nigeria have fallen by up to ₦167 per litre, driven by a decline in global crude oil prices. As of July 12, petrol was sold for ₦1,150 to ₦1,205 per litre, down from ₦1,317 to ₦1,336 per litre earlier in June.

The Dangote Refinery has reduced its ex-depot price at least four times in recent weeks, bringing the price down to ₦1,075 per litre. This reduction comes despite renewed tensions in the Middle East, which had previously caused a temporary spike in prices.

U.S. President Donald Trump had declared a ceasefire involving Iran and Israel, which contributed to the earlier price fluctuations.

Billi Gilli, a representative of the Petroleum Product Retail Outlet Owners Association of Nigeria, expressed optimism for further reductions in petrol prices if global crude oil prices continue to decline. The recent price drop offers relief to consumers facing high transport and energy costs, although future price movements will depend on developments in the international crude oil market.