The ongoing decline in global oil prices has triggered a significant reduction in Nigeria’s petrol ex-depot prices.
Prices have now fallen to as low as N835 per litre, according to recent data from the Major Energies Marketers Association of Nigeria (MEMAN).
The MEMAN report shows that the lifting price of petrol—Nigeria’s primary transport fuel—currently ranges between N835 and N870 per litre across major cities.
Specifically, the ex-depot prices per litre are:
– Warri: N870–N872
– Lagos: N835–N870
– Calabar: N865–N873
– Port Harcourt: N873–N875
On April 16, the Dangote Refinery announced a further cut in its ex-depot petrol price, slashing it from N865 to N835 per litre—a fresh N30 reduction.
This marks the second price drop in less than a week by the $20 billion facility, which reportedly supplied nearly half of Nigeria’s petrol in March 2025.
Retail pump prices, however, may vary depending on location and individual marketers.
A recent report by a local newspaper noted that Dangote Refinery partners—such as MRS and AP filling stations—are expected to sell petrol between N890 and N920 per litre, depending on their distribution zones.
This latest price adjustment comes amid global oil market volatility.
The price fluctuations are largely influenced by U.S. reciprocal tariffs and OPEC+’s recent decision to resume oil production increases starting in May.
Benchmark crude prices such as Brent and WTI have dropped by over $9 per barrel in the past two weeks.
Nigeria’s flagship crude, Bonny Light, has also seen a sharp decline, falling below $65 per barrel from highs above $70.
According to Goldman Sachs, the newly imposed tariffs could raise the cost of imported crude oil, leading to higher pump prices—especially in coastal economies.
The firm also warns that these tariffs might disrupt global refining efficiency and may not deliver the expected increase in U.S. crude output or reduction in global energy prices, as anticipated by the Trump administration.
Despite ongoing volatility, MEMAN’s latest fuel price map shows that Nigeria’s pump price remains significantly lower than those in neighbouring countries.
The average pump price in Nigeria currently stands at N915 per litre.
In comparison:
– Ghana: N1,646.19 per litre
– Benin Republic: N1,922.96
– Togo: N1,881.36
– Cameroon: N2,322.91
– Burkina Faso: N2,351.71
– Ivory Coast: N2,364.50
– Sierra Leone: N2,218.92
The Nigerian government plans to establish a national strategic petroleum products reserve to strengthen its energy security and buffer against global supply shocks.
Also, it has resumed the naira-for-crude oil policy to ease supply shortages among local refiners and stabilize prices.
