As of Monday, June 29, 2026, the retail price of petrol remains a critical issue for Nigerians.
Despite recent downward adjustments in the gantry prices of major refineries, consumers are not yet seeing a significant change at the pump.
Current Market Overview
While global crude oil prices have retreated, retail pump prices in Nigeria have not yet fully reflected these decreases.
The Dangote Petroleum Refinery reduced its gantry price for petrol by ₦50 on June 25, 2026, lowering it from ₦1,175 to ₦1,125 per litre. However, actual prices at many filling stations remain higher, often reported at ₦1,200 or more per litre.
Data from the Major Energies Marketers Association of Nigeria indicates that the spot import landing cost for petrol dropped to approximately ₦983.92 per litre. Despite this, pump prices remain high due to several factors.
Why Prices Remain High
Several factors prevent a significant drop in retail petrol prices:
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Existing inventories: Marketers are still selling fuel that was purchased at higher rates during previous periods of volatility.
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Distribution costs: High costs for transport and logistics, combined with foreign exchange pressures, continue to inflate the price for the final consumer.
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Market structure: There is consistently a time lag between changes in depot prices and the adjustment of retail prices at individual stations.
Regional Price Variations
Petrol prices vary significantly based on state and region. According to recent data from the National Bureau of Statistics, the South-South region continues to record some of the highest average prices in the country. Conversely, the North-West zone often records lower average prices.
Because fuel prices fluctuate based on location and the pricing strategy of individual marketing outlets, you may observe variations in the price at different filling stations in your area.
