GLOBAL OIL MARKET SWING: Fuel Price Update in Nigeria

GLOBAL OIL MARKET SWING: Fuel Price Update in Nigeria

Retail fuel prices across Nigeria have remained largely unchanged over the past week, despite ongoing volatility in the global crude oil market.

Fuel

A market survey by media shows that petrol prices ranged between N1,290 and N1,370 per liter at filling stations nationwide.

This pricing trend was observed at outlets operated by the Nigerian National Petroleum Company Limited, as well as independent marketers including MRS, NIPCO, Ranoil, AA Rano, Total, Emedab, and Bovas across Abuja, Niger, Kogi, and Lagos States.

At the supply level, the gantry price of petrol at the Dangote Refinery remained at N1,200 per liter. Meanwhile, depot owners such as AA Rano, Sobaz, and Soroman sold petrol at ex-depot prices ranging from N1,220 to N1,230 per liter.

President of the Dangote Group, Aliko Dangote, confirmed on Tuesday that the refinery received 10 crude cargoes from the NNPC in March 2026, according to Bloomberg.

The ‘temporary’ stability in domestic fuel prices comes amid turbulence in the international oil market in the past six weeks, triggered by tensions linked to the Iran-United States conflict in the Middle East.

As of Thursday morning, global oil benchmarks, including Brent crude and West Texas Intermediate, rebounded by about three percent to $96 and $97 per barrel, respectively.

This followed a sharp 14 percent drop the previous day after reports of a temporary ceasefire agreement between the United States and Iran.