As of Monday, July 13, 2026, retail pump prices for Premium Motor Spirit (petrol) across Nigeria have continued a downward trend, now ranging between ₦1,150 and ₦1,205 per litre in major hubs like Abuja.
This reflects a significant reduction from the prices observed in mid-June, which hovered between ₦1,317 and ₦1,336 per litre.
The decline is largely attributed to the adjustment of ex-gantry prices by the Dangote Petroleum Refinery, which dropped to ₦1,075 per litre following multiple rate reductions driven by falling global crude oil prices.
Key Market Highlights
-
Retail Variance: While the national average has seen a decline, market analysts note that pump prices still vary by location and marketer, with some areas seeing prices as high as ₦1,400 per litre.
-
Market Trends: Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), stated that “the fuel price will continue to drop” as long as crude oil prices remain volatile and on the decline.
-
Supply Dynamics: The Dangote Refinery has moved to deepen market competition by cancelling its 20-member consortium arrangement, effectively opening product loading to all qualified marketers to ensure seamless distribution nationwide.
-
Economic Impact: Despite these reductions from the May 2026 peak of ₦1,596.25 per litre, transport fares and the general cost of goods have remained largely stagnant, with many commuters still paying rates set when fuel prices were at their highest.
The deregulation of the downstream sector means that retail prices are determined by competitive market forces rather than fixed government controls, making frequent price fluctuations an expected part of the current energy landscape.
