Petrol prices have dropped, bringing joy to many Nigerians. According to recent data, the price of gasoline in Nigeria is around ₦819.50 per liter, which is a significant decrease from previous prices. The Central Bank of Nigeria (CBN) projects that petrol prices could hover around ₦950 per litre in 2026, driven by factors like global crude oil prices, foreign exchange rates, and domestic refining capacity ¹ ² ³.
The recent price cut is attributed to the Dangote Refinery’s decision to reduce its ex-gantry rate to ₦699 per litre, prompting other marketers to follow suit. This development has brought relief to motorists, with one thrilled driver exclaiming, “It’s my turn to benefit” ² ³.
The Nigerian government expects the price reduction to continue, driven by increased competition and private sector investments in the oil and gas sector. The National Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also stated that prices of petrol, diesel, and LPG will continue to decline nationwide due to rising supply and improved competition ⁴.
Would you like to know more about the factors influencing petrol prices in Nigeria or the government’s plans to stabilize the market?
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