FUEL PRICE SLASH: DANGOTE REFINERY CUTS PETROL AND DIESEL RATES AS FILLING STATIONS BEGIN PASSING SAVINGS TO NIGERIANS

FUEL PRICE SLASH: DANGOTE REFINERY CUTS PETROL AND DIESEL RATES AS FILLING STATIONS BEGIN PASSING SAVINGS TO NIGERIANS

Fresh relief for consumers as pump prices drop nationwide — but marketers warn full pass-through awaits new stock

Lagos, June 1, 2026

Nigerian motorists and businesses received a measure of economic relief this week as petrol and diesel prices fell across filling stations nationwide, following fresh gantry price reductions by the Dangote Petroleum Refinery.

The refinery on May 30 reduced its petrol gantry price from N1,275 to N1,250 per litre, while diesel dropped from N1,800 to N1,700 per litre cuts of N25 and N100 respectively. The Dangote Group spokesperson Anthony Chijiena confirmed the development, adding that the adjustments were expected to reflect on retail prices nationwide.

A market survey on Monday showed that filling stations such as Sunset Energy and Emedab in Abuja adjusted their retail prices to N1,345 and N1,360 per litre from N1,450 and N1,365 respectively. However, major outlets including NNPCL, Ranoil, AA Rano, NIPCO, and MRS held prices flat between N1,350 and N1,370 per litre.

IPMAN President Abubakar Maigandi assured that more member stations would reduce prices from Tuesday once they receive fresh stock from the refinery.

The price reductions were driven by declining global crude oil prices, which fell to $91 and $87 per barrel for Brent and West Texas Intermediate crude respectively.

Earlier in the year, the geopolitical crisis had pushed Nigerian fuel prices from around N900 per litre to between N1,345 and N1,365 per litre, making the current downward trend a welcome development for millions of consumers still grappling with high transportation and food costs.