Fuel Prices Drop Slightly as Crude Oil Plummets – Nigerians Urge Dangote, NNPC to Respond

 

According to a NewsVista reporter, Nigerian depot owners have begun adjusting fuel prices following an 8% slump in global crude oil prices—but consumers say the cuts are too modest and overdue.

Between June 23 and 24, 2025, international oil benchmarks like Brent crude dipped sharply to $69.16 per barrel, down from $77 just days earlier. The price drop is largely linked to a ceasefire deal between Israel and Iran, brokered by the United States, which eased fears of supply disruptions through the crucial Strait of Hormuz.

In response, petrol and diesel prices at Nigerian depots fell by only 1.78% on average, a move many analysts describe as “cautious” and “slow-footed.”

Depot Price Adjustments: Too Little, Too Late?

New pricing data obtained by NewsVista shows only a slight drop across several major depots:

• Pinnacle: ₦910 → ₦905

• Rainoil: ₦920 → ₦910

• NIPCO: ₦945 → ₦910

Meanwhile, diesel prices declined marginally too:

• Mao: ₦1,050 → ₦1,033

• Ibeto: ₦1,060 → ₦1,045

• African Terminal: ₦1,060 → ₦1,040

In Port Harcourt, the decline was more pronounced. Petrol dropped to ₦923 at Fynefield and ₦925 at T.S.L., while diesel at Bulk Strategic plummeted from ₦1,140 to ₦1,085—the biggest reduction recorded so far.

Despite these shifts, Nigerians are questioning why downstream operators are quick to raise prices but slow to reduce them, especially when the international market sees dramatic changes.

Spotlight on Dangote Refinery and NNPC

Critics and consumers alike are now turning their attention to market giants like the Dangote Refinery and the Nigerian National Petroleum Company (NNPC), urging them to follow the trend and slash prices at the pump.

Just days before the crude oil crash, Dangote Refinery hiked its petrol depot price to ₦880 per litre, up from ₦825. This move was met with strong resistance from the Independent Petroleum Marketers Association of Nigeria (IPMAN), who had pleaded for a downward revision instead.

Adding to the strain, the Major Energy Marketers Association of Nigeria (MEMAN) has pegged the landing cost of petrol at ₦950 per litre, placing additional pressure on retailers and consumers across the country.

Public Discontent Grows

The public backlash is growing. Market analysts say Nigeria is dealing with a one-way pricing system—where increases happen fast, but reductions come slowly and sparsely, often failing to reflect global trends.

Even more unrest was witnessed in Port Harcourt, where petroleum marketers recently protested against rising diesel prices at the state refinery. Depot officials had increased the price to ₦1,130 per litre, up from ₦980, despite already loaded tickets. The protest forced IPMAN members to suspend operations, demanding immediate action from the NNPC.

As consumers feel the pinch at filling stations, many are calling for transparency, faster market responses, and fairer pricing mechanisms in Nigeria’s oil sector.