Brent crude, the global benchmark for Nigeria’s oil, dropped to $78.63 per barrel as of Tuesday, June 16, 2026. The decline follows easing geopolitical tensions in the Middle East and a proposed US-Iran peace deal that has pushed crude prices down from over $120 per barrel in April.
Despite the sharp fall in crude, petrol pump prices in Nigeria remain stubbornly high. In Lagos and other major cities, many filling stations still sell Premium Motor Spirit at N1,270 to N1,300 per litre. That is the same range where prices settled when crude climbed above $114 per barrel during the recent conflict period.
Marketers and consumers have begun agitating for a faster pass-through of the global price drop. They argue that the pace of domestic fuel price reductions has not matched the speed at which crude prices climbed earlier in the year. BusinessDay analysis suggests petrol prices could fall to around N1,000 per litre if current market conditions persist, with operators projecting N900 per litre if the US-Iran truce holds.
Dangote Petroleum Refinery has already reduced its ex-depot petrol price from N1,250 to N1,175 per litre following the easing of Middle East tensions. The refinery said the revised prices took effect from midnight on June 16, 2026. Other importers like Rainoil and Ardova also slashed prices to N1,180 from N1,280 per litre.
But pump prices have not reflected the full drop yet. Nigerians on social media have complained that the N75 reduction does not reflect the recent decline in crude oil prices. One user posted, “Dangote, do the needful I beg”, urging the refinery to push pump prices lower in line with global crude trends.
Dangote officials have cautioned that the refinery still has “expensive crude” in its tanks purchased when international oil prices were considerably higher. A source familiar with operations said, “Yes, N900 per litre petrol is possible if oil prices settle down, but we still have the expensive crude stock in our tanks”.
With crude now trading far below the $114 level that drove petrol to N1,300, pressure is mounting on marketers to adjust pump prices downward. Until old stock is exhausted, however, consumers may have to wait longer for relief at the pumps.
