Despite Dangote Petroleum Refinery and the Nigerian National Petroleum Company Limited (NNPCL) reducing fuel prices, many Nigerians say they haven’t felt any real impact.
On 1st February 2025, Dangote Refinery announced a price cut, bringing its ex-depot price of petrol down from ₦950 to ₦890 per litre. Shortly after, NNPCL adjusted its price to ₦899 per litre, aiming to stay competitive.
While the move was meant to ease economic pressure, many Nigerians say it’s barely made a difference.
- “Fuel is still expensive, and everything else remains costly,” said Adebola Ikenna, a Lagos-based commercial driver.
- “Until we see ₦500 per litre or less, these small reductions won’t change anything,” tweeted @SalihuBello23.
- “Transport fares are the same, food prices are going up, where’s the relief?” asked Amina Yusuf, a business owner in Kano.
Marketers Caught in the Crossfire
While consumers are frustrated, fuel marketers are also struggling. Many had already bought petrol at ₦950 per litre and are now forced to sell at a loss just to stay in business.
Hammed Fashola, Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), explained:
“Marketers who stocked up on fuel before the price cut are now in a difficult position. The market is unpredictable, and we just have to manage the losses.”
Some marketers are even considering slowing down purchases to avoid future price shocks.
No Change in Cost of Living
Many Nigerians hoped lower petrol prices would reduce the cost of transportation, food, and essential goods. But so far, nothing has changed.
According to Billy Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), market forces might push prices down further. However, he admitted that import costs, taxes, and logistics remain high, keeping petrol expensive.
What Needs to Happen?
Experts say real change will only come if local refineries work efficiently and if Nigeria’s naira-for-crude deal is properly implemented. Until then, Nigerians may continue to feel little to no relief.
For now, many are waiting to see if fuel prices will drop further or if this is just another temporary adjustment with no real impact on daily life.
