Nigerians are hopeful for another round of fuel price cuts as global crude oil prices plunge to $69 per barrel today. With Dangote Petroleum Refinery leading a recent price war and NNPCL forced to follow, many believe another reduction could be on the way.
Why Oil Prices Matter
Crude oil is the biggest factor affecting petrol prices. When global oil prices drop, refiners and fuel importers have room to lower costs if they choose to. With Brent crude falling from $70 yesterday to $69 today, analysts say there’s pressure on refiners like Dangote and NNPCL to pass the savings down to consumers.
“Dangote is playing smart cutting prices just before Ramadan helped the market, but it also put NNPCL on the defensive,” says Tunde Adebayo, an energy analyst at xAI Nigeria. “Now that oil is at $69, Dangote has another chance to lead the market and force prices even lower.”
Recent Fuel Price Battle
The price war started on February 26, when Dangote Refinery cut its ex-depot price from N890 to N825 per litre. Petrol stations like MRS and Ardova responded immediately, dropping pump prices to N860 in Lagos.
Not to be outdone, NNPCL slashed its own prices on March 3, reducing Lagos pump prices from N925 to N860, and adjusting prices in the North to N899 per litre.
Now, with oil hitting $69 per barrel today, many expect another shake-up. Will Dangote cut again and push prices lower?
Nigerians React: “Bring it Down More!”
On social media, Nigerians are demanding more relief.
A user on X (formerly Twitter), @naijaenergywatch, said:
“Oil is at $69—Dangote and NNPCL, no excuse! Bring fuel below N800!”
Another, @chioma4real, was cautiously optimistic:
“Fuel is N860 now, but with oil at $69, it should go lower. Let’s see what Dangote does next.”
Marketers Worried About Losses
While consumers celebrate lower fuel prices, petroleum marketers are struggling. Many bought fuel at higher ex-depot prices and are now losing money as prices fall.
A depot manager in Apapa complained:
“We stocked up at N890 per litre last week, now it’s N825. Who will cover our losses?”
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) is calling for price stability. President Billy Gillis-Harry warned:
“Frequent price cuts make it hard for smaller retailers to survive. We need more predictability in the market.”
How Low Can Prices Go?
Despite the price war, some experts believe fuel prices won’t drop much further.
Energy analyst David Etim explained:
“Yes, crude oil is $69, but refining costs, logistics, and forex challenges mean we won’t see petrol at N500 anytime soon.”
Even X user @oilmanNG cautioned:
“Dangote and NNPCL are competing, but don’t expect miracles—there’s a limit to how low prices can go.”
What’s Next?
With Dangote Refinery running at 85% capacity and NNPCL still depending on imports, the fuel price battle is far from over. If Dangote decides to cut prices again, NNPCL may have no choice but to follow.
For now, pump prices remain at N860 per litre in Lagos and N899 in northern states but with oil falling to $69 today, Nigerians are watching closely for the next move.
