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Fuel price reduction update in Nigeria
Premium motor spirit prices have continued to reduce in the past three weeks amid crude oil price volatility.
DAILY POST reports that Brent and West Texas Intermediate crude declined to $76 and $71 per barrel on Saturday despite renewed airstrikes between the United States and Iran.
US President Donald Trump had said its ceasefire with Iran and, by extension, Israel had ended.
Trump’s comment had triggered a surge in crude oil prices before it cooled off on Thursday and Saturday.
The renewed hostility in the Middle East had triggered speculations of domestic fuel prices in Nigeria; however, this could not last following crude oil prices’ successive easing.
DAILY POST reports that Dangote Refinery’s gantry price and depot owners’ ex-depot prices dropped to N1,075 per liter after at least four rate reductions on the back of falling crude oil prices.
Fuel gantry price reduction has been reflected in the retail petrol price drop in the last three weeks.
The fuel pump price dropped by N167 per liter, or N131 per liter, to between N1,150 and N1,205 per liter on Sunday, July 12, 2026, from between N1,317 and N1,336 per liter, it was sold on June 18, 2026, in Abuja and environs.
Speaking on the development in an interview on Saturday, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, said retail and gantry petrol fuel prices will continue to drop amid easing crude oil prices.
“The fuel price will continue to drop. We have seen this in the past three weeks with the Dangote refinery and petrol retailers and marketers amid falling crude oil prices.
“One thing constant with the downstream sector is price volatility,” he told DAILY POST.
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