Nigerians may soon see a reduction in fuel prices as the cost of importing petrol has dropped significantly. According to the Major Energies Marketers Association of Nigeria (MEMAN), the landing cost of petrol is now N774.82 per litre, which is lower than Dangote Refinery’s ex-depot price of N825 per litre.

The main reason for the expected price drop is the decline in global crude oil prices. As of March 12, 2025, Brent Crude is priced at $70 per barrel, while US WTI stands at $66.70 per barrel. In February, these prices were around $76 and $69 per barrel, respectively.

Since the cost of crude oil affects the price of petrol, the recent decrease means Nigeria’s fuel prices could drop further to around N800 per litre.

Currently, petrol is selling for N860 to N880 per litre in major cities like Lagos and Abuja. However, with the reduction in landing costs, prices may fall further in the coming days.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that fuel prices could go as low as N800 per litre if the global price drop continue.

A drop in fuel prices would bring some relief to consumers who have been dealing with high transportation and energy costs. However, experts say prices will continue to depend on global oil prices and local supply factors.

“Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre.”