As of Wednesday, June 17, 2026, here is the current situation regarding petrol prices in Nigeria:
The Price Adjustment
Dangote Petroleum Refinery has officially reduced its ex-gantry (depot) price of Premium Motor Spirit (PMS) by N75 per litre, bringing it down from N1,250 to N1,175 per litre. This new pricing took effect at midnight on June 16, 2026.
What This Means for Pump Prices
While the depot price has dropped, you may not see an immediate change at every filling station. Here is the current landscape:
-
Retail Station Delays: Many filling stations are still selling existing stock at the previous rates (often around N1,280 per litre) to avoid financial losses.
-
Expected Range: Industry experts, including representatives from the Independent Petroleum Marketers Association of Nigeria (IPMAN), anticipate that pump prices in Lagos will soon settle between N1,200 and N1,250 per litre, with prices likely being higher in other parts of the country due to logistics and transportation costs.
-
Future Outlook: There is optimism among marketers and analysts that prices could continue to trend downward toward the N1,200 mark (or potentially lower in the coming weeks) if the current de-escalation of tensions in the Middle East and the resulting decline in global crude oil prices remain sustained.
Summary
While the refinery price has been slashed, Nigerians should expect a gradual adjustment at local pumps over the next few days as stations clear their old, more expensive inventory.
