Petrol Prices Stay High in Nigeria Despite Falling Crude Oil Prices Amid Global Supply Shift
Petrol prices have remained stubbornly high across Nigeria, even as global crude oil prices decline toward levels last seen before recent geopolitical tensions between the United States and Iran. Despite a drop in Brent crude to around $77.5 per barrel and West Texas Intermediate (WTI) hovering near $74, Nigerian consumers are still facing elevated pump prices nationwide.
The global oil market downturn has been driven by easing tensions in the Middle East, including reports of a US–Iran roadmap aimed at securing a long-term peace agreement. Increased shipping activity through the Strait of Hormuz and expectations of improved supply have further pressured crude prices downward, with analysts projecting additional output from Gulf producers.
In Nigeria, however, retail fuel prices have not mirrored the international decline. Motorists in Lagos and other major cities continue to buy petrol at between ₦1,200 and ₦1,285 per litre, depending on location and station. Filling stations along Ikeja and surrounding areas reported prices above ₦1,260, with diesel and LPG also remaining expensive.
Across other states, the situation remains mixed but consistently high. In Kaduna, Makurdi, Enugu, and Ekiti, petrol sells between ₦1,250 and ₦1,450 per litre, while black-market rates are even higher in some areas. Residents in cities like Jos and Osogbo have expressed frustration over rising transport costs, with some turning to public transport alternatives due to affordability challenges.
Despite slight reductions in select locations such as Kebbi State, where prices have eased marginally, industry stakeholders attribute the overall high cost to market lag, supply chain factors, and local distribution inefficiencies. Marketers expect gradual adjustments as global crude trends stabilize, but consumers continue to urge faster price relief at the pump.
source: Leadership