Nigeria: Fuel prices remain high as crude drops

By Zuleihat Owuiye, Mamos Nigeria

Despite a decline in global crude oil prices to $100 per barrel, petrol prices in Nigeria remain high, with marketers selling at N1,300 per litre and above. In Lagos, retail outlets like MRS sell petrol at N1,333 per litre, while depot prices are slightly lower at N1,270 per litre. Similarly, in Abuja, prices range from N1,361 to N1,371 per litre.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured Nigerians that petrol prices will continue to fall throughout 2026, driven by increased local refining capacity and healthy competition among private sector players. However, industry experts warn that the situation remains volatile, with global oil prices and exchange rates influencing domestic prices.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) attributes the high prices to irregular crude allocation, pipeline vandalism, and unpredictable price changes. They advocate for a steady crude supply to domestic refineries to boost production and reduce reliance on imports.