Nigerians may soon see a drop in petrol prices as global crude oil falls to $65 per barrel. Industry insiders say Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) are both preparing to reduce pump prices in the coming days.
The potential price cut comes as part of efforts to ease the cost of living for everyday Nigerians. With oil prices falling and competition rising, both Dangote and NNPC may move to pass on the savings to consumers.
Ticket pause sparks price rumours
On Friday, 4th April, Dangote Refinery reportedly paused printing of petrol loading tickets. This move has led to speculation that a price review is underway.
According to an insider source in the refinery, those who already paid for petrol may get price adjustments once new rates are confirmed. “It looks like they are about to cut the price. People who paid already may get discounts,” the source said.
If confirmed, the new pricing is expected to roll out anytime soon, with fuel depots across the country likely to adjust their prices by Wednesday, 9 April.
Depots expected to follow suit
Industry experts believe any price changes by Dangote or NNPC will trigger a quick response from depots nationwide. “If Dangote or NNPC lowers prices, everyone else will follow,” said Lagos-based petroleum marketer Chinedu Okonkwo in a post on X (formerly Twitter).
Why prices are falling
Dr Fatima Bello, an energy economist at the University of Lagos, says the fall in global prices should lead to cheaper fuel if other factors like the naira’s exchange rate and transport costs don’t get in the way. “It depends on more than just crude prices,” she said. “Currency and logistics still matter.”
Naira for crude deal may return
The government’s earlier deal with Dangote and NNPC allowed them to buy crude using naira, not dollars. That agreement ended in March 2025, but talks are ongoing to bring it back.
The NNPC, said the programme helped keep prices in check and warned that its end could lead to higher costs. “It made a big difference,” he said recently.
Dangote pushing competition
Aliko Dangote’s refinery has shaken up the fuel market. In February, the refinery dropped petrol prices from ₦890 to ₦825 per litre, forcing NNPC to match the cut.
“Making fuel affordable and available is our goal,” Dangote said at the time. With crude prices dropping again, more cuts may be coming.
Public reaction is mixed
Many Nigerians welcome the news. “Cheaper fuel will help us all,” said Tunde Adebayo from the Consumer Protection Council.
But independent petrol marketers warn that constant price cuts could hurt their businesses. “We want affordable fuel too, but we need to stay afloat,” said a member of the petroleum marketers’ group.
Online, Nigerians are watching closely. “If this happens, it’s a big deal,” wrote @FuelWatchNG on X. Another user, @NaijaEconomist, added, “Let’s wait, exchange rates could ruin it.”
What’s next
The public is waiting for official statements from Dangote and NNPC. If prices do drop, it would be another sign that Nigeria’s fuel market is changing for the better.
