Fuel prices have started to drop across parts of Nigeria, with many filling stations now selling petrol for less than ₦900 per litre. This follows a recent ₦40 cut in the ex-depot price by Dangote Petroleum Refinery, which lowered its rate from ₦880 to ₦840 per litre starting June 30.

In Lagos and Ogun States, several stations have adjusted their prices accordingly, with new rates ranging between ₦875 and ₦890. MRS Oil, one of Dangote’s key distributors, reduced its Lagos pump price from ₦925 to ₦885, while other regions are seeing slightly higher prices based on location and logistics.

Depots have also responded by lowering their own prices, with many selling petrol at rates matching or even slightly below Dangote’s benchmark. Companies like RainOil, Matrix, and NIPCO were selling petrol at around ₦838 to ₦844 per litre as of Sunday.

Earlier, marketers were hesitant to reduce their pump prices due to unsold stock purchased at higher prices. But with that older stock now largely sold off, many stations have begun reflecting the new, lower prices.

The refinery’s decision to cut prices is linked to the recent fall in global crude oil prices, which dropped after a de-escalation of tensions between Israel and Iran. Brent crude fell to about $68 per barrel, and West Texas Intermediate to $66, compared to over $77 and $73 respectively just weeks before.

Fuel prices had surged to between ₦915 and ₦960 in some areas during the earlier hike, with the far north seeing prices nearing ₦980 due to transportation costs. Now, with more stable international oil prices, local fuel prices are beginning to ease.