🔥 Trending Nigeria Petrol Price Reduction: What You Need to Know

The current retail price of Premium Motor Spirit (PMS), commonly known as petrol, in Nigeria ranges from ₦1,075 to ₦1,400 per litre as of July 2026 ². This range depends on the specific filling station, marketer, and geographical location within the country ².

Recent Price Reductions and Market Dynamics

There have been recent developments indicating a downward trend in petrol prices:

• MRS Oil Nigeria Plc announced a reduction in the retail price of PMS across its stations nationwide on February 10 ¹. This move aimed to alleviate the burden of high fuel costs on motorists and businesses ¹.
• Dangote Refinery has played a significant role in the market, with reports of it retaining its ex-depot petrol price at ₦1,075 per litre in Lagos, Nigeria's largest petroleum trading hub ⁴. This price point is competitive with other major suppliers like Ardova, Nipco, and Sahara, suggesting fierce competition among marketers ⁴.
• The Dangote Refinery also recently held discussions with stakeholders in Nigeria's downstream petroleum sector to establish cost-reflective pricing for petrol, with stakeholders supporting further price reductions ³. The refinery has even begun free petrol delivery across six locations ³.

While some outlets have lowered prices due to these refinery price reductions, global crude oil market developments could still influence future pump prices ².

Context: Fluctuations in Fuel Prices

Nigeria has experienced significant fluctuations in fuel prices. Before the recent reductions, the country had been grappling with high fuel costs ¹. The current price range reflects a dynamic market influenced by local refinery output, competition among marketers, and global oil prices ²⁴.

Cooking Gas (LPG) Prices

It is important to distinguish petrol prices from Liquefied Petroleum Gas (LPG), or cooking gas, prices, which have also seen volatility. Before May, a kilogram of cooking gas was below ₦1,000 but surged to as high as ₦2,500 in some locations by June ⁵. Despite recent interventions and lower depot prices, Nigerians are still paying between ₦1,300 and ₦1,650 per kilogram for cooking gas nationwide ⁸. This increase has significantly impacted households, with many struggling to afford it ⁶.