Petrol prices have fallen below N1,300 per litre in parts of Lagos and Ogun states after filling stations adjusted pump prices following a recent price cut by the Dangote Petroleum Refinery.
The refinery had reduced its ex-depot price of petrol from N1,275 to N1,250 per litre, a move it said was aimed at improving affordability and supporting economic activity. It also cut diesel prices from N1,800 to N1,700 per litre.
Following the adjustment, some filling stations along the Lagos–Ibadan Expressway, including locations in Mowe and Ibafo, reduced pump prices to between N1,286 and N1,297 per litre, depending on the outlet.
However, not all stations have adjusted their prices, as several outlets still sell above N1,300 per litre. Some Nigerian National Petroleum Company Limited stations were observed selling at about N1,305 per litre, while others ranged between N1,310 and N1,320 per litre.
Diesel prices have also seen a slight reduction, with some stations selling around N1,800 per litre, down from about N1,900.
The price changes follow global crude oil fluctuations, driven by geopolitical tensions that recently pushed international oil prices upward before a partial rebound.
Industry stakeholders say further price adjustments may depend on global oil market movements and domestic supply dynamics, particularly as the Dangote refinery continues to ramp up supply to the local market.
