A fresh round of price adjustments has swept through Nigeria’s downstream petroleum sector, with some filling stations slashing petrol pump prices.
Market checks on Monday showed that Ranoil and Empire Energy reduced their retail prices to ₦1,370 and ₦1,383 per litre, down from ₦1,440 and ₦1,430 respectively, reflecting cuts of ₦70 and ₦37 per litre.
The reductions place them closer to the pricing band of major operators, as the Nigerian National Petroleum Company Limited and MRS filling stations currently sell petrol at ₦1,361 and ₦1,367 per litre.
A station manager attributed the price cuts to market dynamics, stating that the adjustment was aimed “to remain competitive” in the increasingly volatile downstream sector.
The development comes against the backdrop of a sharp drop in global crude oil prices, with Brent falling by nearly 10 per cent to $100.2 per barrel and West Texas Intermediate declining to $88.85 per barrel.
The decline follows announcement from United States of ongoing talks with Iranian authorities to ease tensions in the Middle East.
The easing in crude prices has raised expectations of a possible reduction in ex-depot petrol prices, particularly from the Dangote Refinery, whose gantry price stood at ₦1,245 per litre after multiple increases earlier in March 2026.
Industry watchers say sustained declines in global oil prices could trigger broader adjustments across the domestic fuel market, offering temporary relief to consumers grappling with high energy costs.