Some filling stations along the Lagos-Ibadan Expressway and in parts of Lagos and Ogun States have reduced petrol prices below N1,300 per litre following a recent price reduction announced by the Dangote Petroleum Refinery.
The refinery had on Saturday announced a cut in its ex-depot petrol price, saying the decision was aimed at making fuel more affordable and supporting economic activities across the country.
According to the refinery, the gantry price of petrol was reduced to N1,250 per litre from N1,275, while diesel dropped to N1,700 per litre from N1,800.
Following the announcement, several outlets were observed adjusting their pump prices. On Tuesday, some MRS stations along the Mowe/Ibafo axis sold petrol at N1,286 per litre.
Similarly, NIPCO and Heyden outlets sold at N1,290 per litre, while SGR dispensed petrol at N1,297 per litre.
However, many other stations still maintained prices above N1,300 per litre. The Nigerian National Petroleum Company Limited (NNPCL) retail outlets in Ibafo sold at N1,305 per litre, Mobil at N1,310, and Asharami at N1,320.
The Dangote refinery said the price adjustment reflects its effort to improve supply efficiency, strengthen local refining, and ease transportation and production costs for consumers and businesses.
Reports also indicated that diesel prices have dropped to around N1,800 per litre from about N1,900 previously.
The 650,000-barrel-per-day refinery has continued to supply the domestic market, reducing reliance on imported petroleum products.
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A refinery official attributed the price reduction to a recent decline in global oil prices before a rebound earlier in the week.
Crude oil prices had surged in recent months following geopolitical tensions involving the United States and Iran, pushing Brent above $100 per barrel at some point and contributing to higher fuel costs globally.
In Nigeria, petrol prices had climbed from about N830 per litre to around N1,300, while diesel and aviation fuel also recorded significant increases.
Stakeholders are hopeful that further reductions may follow if global oil prices ease again, although renewed tensions in the Middle East have already triggered another spike in crude prices.