Petrol Prices Drop at Nigerian Filling Stations Amid Oil Decline

Petrol prices at various filling stations across Nigeria have seen a downward adjustment due to fluctuations in the global crude oil market. Ranoil has reduced its petrol pump price from ₦1,440 to ₦1,370 per liter, while Empir Energi has lowered its price from ₦1,430 to ₦1,383 per liter.

These reductions represent a decrease of ₦0.70 and ₦0.37 per liter, respectively. The adjustments were made to maintain competitiveness within Nigeria's downstream petroleum sector.

The Nigerian National Petroleum Company Limited (NNPCL) currently dispenses petrol at prices ranging from ₦1,361 to ₦1,367 per liter. This price adjustment follows a sharp decline in global crude oil prices, with Brent crude falling nearly 10% to $100.2 per barrel and West Texas Intermediate dropping to $88.85 per barrel.

The downward trend in crude oil prices is expected to influence further price reductions by Dangote Refinery, which currently stands at ₦1,245 per liter, with a new price structure set to take effect on March 21, 2026.