Nigerians are calling for urgent reductions in fuel prices as global crude oil prices tumble, yet domestic petrol rates remain high. Brent crude has dropped from about $113 to $99 per barrel. This comes against the backdrop of steep increases recorded in recent weeks. Data shows that the price of Premium Motor Spirit (PMS) surged from ₦799 to about ₦1,275 per litre within a short period—an increase of roughly 60 percent. Similarly, Automotive Gas Oil (AGO) climbed from ₦880 to about ₦1,750 per litre, representing an increase of nearly 99 percent. Despite these rapid upward adjustments reportedly implemented about five times prices have only seen a marginal reduction once, further fuelling public discontent.
Investigations by Vanguard News in Lagos and Abuja revealed that while depot prices are slightly lower, retailers have not passed the relief to consumers. Outlets like MRS sold petrol at ₦1,333 per litre, while Dangote Petroleum Refinery’s gantry price stood at ₦1,285. In the Federal Capital Territory, stations such as NIPCO and AYM Shafa maintained prices above ₦1,370 per litre, showing little response to the global crude decline.
A Lagos-based petroleum marketer, who preferred anonymity, said the hesitation stems from fear of losses on existing stock. “We adjusted prices quickly when crude went up, but now that crude has dropped, marketers are cautious,” he explained. Observers argue that pricing must reflect global trends both upward and downward to remain fair.
Consumer advocates have urged regulators to act. Olatide Jeremiah, CEO of Petroleumprice.ng, said, “The NMDPRA and FCCPC must protect Nigerians from exploitation. Marketers increase prices quickly but reduce them slowly, creating abnormal profits at the expense of consumers.” Meanwhile, PETROAN President Billy Gillis-Harry maintained that the market should largely follow supply and demand, reflecting the country’s deregulated downstream system.
The high fuel prices have translated into rising transport costs. Commuters report paying 50 percent more for the same routes, while salaries remain stagnant. Everyday Nigerians continue to feel the pinch, with small businesses and transport operators citing shrinking income and rising operational costs.
Experts say the current situation highlights both challenges and opportunities. MEMAN Chairman Huub Stokman noted that global market volatility is pushing costs higher, but Nigeria could leverage its growing refining capacity and large domestic market to strengthen its energy sector. Analysts also recommend investment in supply chains and storage infrastructure to prevent future shocks, ensuring that price changes align more closely with global crude movements.