Petrol Prices Drop As Filling Stations Adjust Rates

Petrol Prices Drop As Filling Stations Adjust Rates
Ranoil, Empire Energy reduce pump prices to remain competitive
Falling crude prices raise hopes of further price reductions

Some filling stations across Nigeria have reduced their retail petrol prices following recent fluctuations in the global crude oil market.

Checks on Monday showed that Ranoil and Empire Energy filling stations adjusted their pump prices downward. Ranoil reduced its price to ₦1,370 per litre from ₦1,440, while Empire Energy dropped its price to ₦1,383 per litre from ₦1,430.

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EKO HOT BLOG reports that the reductions represent decreases of ₦70 and ₦37 per litre respectively.

A station manager, who spoke anonymously, said the adjustment was driven by the need to remain competitive in Nigeria’s downstream petroleum sector.

According to him, increasing competition among marketers has made price reviews necessary.

Meanwhile, the Nigerian National Petroleum Company Limited and MRS filling stations are currently dispensing petrol at ₦1,361 and ₦1,367 per litre respectively.

The price adjustments come amid a sharp drop in global crude oil prices. Brent crude fell by nearly 10 percent to $100.2 per barrel, while West Texas Intermediate declined to $88.85 per barrel.

The decline followed confirmation by authorities in the United States and Iran that talks were ongoing to prevent further escalation of tensions in the Middle East.

The downward trend has also raised expectations that the Dangote Refinery may review its gantry petrol price.

The refinery’s current gantry price stands at ₦1,245 per litre after several increases recorded in March 2026. The price was earlier adjusted from ₦1,175 to ₦1,245 per litre, with the change taking effect from March 21.

According to the refinery, the revised rate applies to all outstanding and unloaded volumes, with marketers expected to comply with the updated pricing structure.