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| Petrol pump price display showing ₦935 at Nigerian fuel station |
Nigeria’s fuel market saw fresh shifts this week. Dangote Refinery first cut its ex‑depot rate from ₦970 to ₦899.50 per litre during December 2024 . That move sparked a price war in the downstream sector .
In response, NNPC Ltd. trimmed its own ex‑depot price from ₦1,020 to ₦899 per litre . Industry group PETROAN hailed this as a consumer win . However, NNPC outlets have not yet synced to the ₦935 pump rate.
IPMAN set petrol at ₦935 per litre from December 23, 2024 . The group said Dangote’s new ex‑depot rate and credit terms made the price possible . Marketers began selling at ₦935 in Lagos, with plans to roll out nationwide.
Historical data shows a bigger picture. As of February 2025, the national average pump price was ₦1,246 per litre . NBS data reports average retail price at ₦1,189.12 per litre in December 2024 . Nigeria’s headline inflation rose to 24.23% in March 2025, driven by higher food and fuel costs .
Transport unions and civil bodies say ₦935 still burdens many. The Nigeria Labour Congress called for deeper cuts below ₦900 . Urban inflation hit 26.12% year‑on‑year—adding strain on city dwellers .
Local refining capacity is rising. NNPC revived the Warri Refinery to 60% of its 125,000 bpd capacity as of April 16, 2025 . The Port Harcourt complex also resumed at 60,000 bpd late last year . Experts say this extra supply will force more price cuts.
The government’s naira‑for‑crude policy underpins these shifts. Dangote and NNPC now pay for crude in naira, cutting forex costs and refining margins . Officials say this boost to local refining will shield consumers from global swings.
Global oil prices have eased from early‑year highs. Brent crude is trading around $65 per barrel on April 20, 2025 . HSBC forecasts an average of $68.50 in 2025, down from earlier estimates . Analysts expect these trends to filter into lower pump rates here.
Consumers have welcomed lower rates. MRS filling stations report long queues for the ₦935 fuel . Many drivers said the cut eased their daily budgets. Yet some worry regional gaps will remain until NNPC outlets update rates.
What comes next? Will NNPC stations match the ₦935 price soon? Can petrol ever fall below ₦900 per litre? Join the discussion below and share your view.