Petrol depot owners across Nigeria have begun reducing the prices of Premium Motor Spirit (PMS) following Dangote Refinery's decision to resume the sale of petroleum products in naira. This move offers a measure of relief to marketers, motorists, and consumers who have faced soaring fuel costs in recent weeks.
Global Crude Oil Prices Remain Elevated
Despite the domestic price adjustments, global crude oil prices have stayed strong due to supply concerns and geopolitical developments. Data from Oilprice.com shows that crude oil prices briefly approached the $100-per-barrel mark before easing slightly. As of Friday, July 24, 2026, Brent crude traded at $98.81 per barrel, West Texas Intermediate (WTI) at $90.78 per barrel, and Murban crude at $105 per barrel.
The rally in crude prices had earlier triggered an increase in the cost of imported petroleum products, with depot prices climbing to about N1,280 per litre and pump prices in some locations reaching as high as N1,400 per litre.
Dangote Refinery Resumes Naira Sales
Earlier this week, Dangote Refinery announced a return to selling petroleum products in naira after briefly adopting a different pricing arrangement that many industry stakeholders blamed for the sharp increase in fuel prices. The refinery's latest pricing places its ex-depot petrol price at N1,215 per litre, a move that appears to have influenced other depot operators to adjust their rates downward. Industry observers believe the decision has helped moderate market prices, even as international crude prices remain elevated.
Depots Slash PMS Prices
Fresh market data compiled by PetroleumPriceNG shows that several depots have reduced their petrol prices by about N50 per litre. According to the data: A.A. Rano now sells PMS at N1,220 per litre; AITEO has adjusted its price to N1,228 per litre; Mainland is selling at N1,224 per litre; and Sobaz has reduced its price to N1,245 per litre. The reductions reflect growing competition among depot operators following Dangote Refinery's latest pricing adjustment.
Marketers Welcome Relief
The Independent Petroleum Marketers Association of Nigeria (IPMAN) had earlier urged the Federal Government to intervene over rising petrol prices, warning that continued increases would place additional pressure on businesses and households already struggling with high inflation. Energy analysts say the latest reduction in depot prices is a positive development that could eventually translate into lower retail pump prices if marketers pass on the savings to consumers.
Although petrol prices remain significantly higher than levels seen earlier in the year, the latest adjustments have raised hopes that increased competition among suppliers and a more stable pricing structure could help ease the burden on Nigerians facing rising transportation and living costs.
