Despite Dangote Petroleum Refinery reducing its gantry price of petrol by ₦100 to ₦1,075 per litre, many Nigerians continue to pay between ₦1,300 and ₦1,355 per litre at filling stations. The reduction followed a drop in global crude oil prices, but retail outlets, particularly independent marketers, have been slow to pass on the savings.
In Abuja, NNPC Limited outlets have adjusted prices to about ₦1,161 per litre, while most private stations maintain high pump prices. This trend highlights a familiar pattern in Nigeria: fuel prices rise quickly when crude oil surges but fall slowly when global prices decline, leaving consumers paying more than necessary.
High petrol prices impact the economy broadly, with transport operators raising fares, goods becoming costlier, and small businesses facing higher operating expenses. For commuters and low-income Nigerians, the delay in price reductions increases financial strain and undermines the benefits of domestic refining.
Dangote’s refinery has boosted local supply and reduced import dependency, but the effectiveness of these reforms depends on regulatory oversight. The Nigerian Midstream and Downstream Petroleum Regulatory Authority must ensure that price cuts reach consumers fairly, promoting transparency and accountability in a deregulated market.
