Fuel Prices Drop Nationwide as Filling Stations Slash Pump Rates by ₦45

Filling stations across Nigeria have begun reducing the pump price of Premium Motor Spirit (petrol) by as much as ₦45 per litre, following recent market adjustments linked to increased supply and pricing decisions by the Dangote Petroleum Refinery. The reduction has been observed in major cities and several state capitals, easing pressure on motorists who have faced months of high fuel costs.

The price cut comes amid improved distribution of locally refined petroleum products, with industry stakeholders attributing the development to the growing impact of domestic refining capacity. Operators say the adjustment reflects lower ex-depot prices and reduced logistics costs, allowing retailers to pass some relief on to consumers.

Motorists and transport operators have welcomed the reduction, expressing hope that sustained price stability will translate into lower transportation fares and reduced cost of goods. Commercial drivers, however, noted that consistent supply and further price moderation would be necessary before transport fares can be significantly reviewed.

Analysts believe the latest price drop could mark a turning point in Nigeria’s downstream petroleum sector if local refining continues to expand. They add that sustained competition, efficient distribution, and supportive government policies will be critical to ensuring long-term affordability of fuel for Nigerians.