President Bola Ahmed Tinubu has not addressed public demands for a reduction in fuel prices, despite a significant decline in global crude oil costs. International benchmarks, including West Texas Intermediate and Brent crude, have recently fallen to $69 and $71 per barrel, respectively, down from highs near $100 caused by the Iran-United States-Israel conflict.
As global energy markets stabilize, citizens in various countries are pushing for cheaper fuel. In the United States, President Donald Trump has publicly criticized oil companies for failing to pass on these savings to consumers. In Nigeria, fuel prices surged to between N1,241 and N1,305 per liter following the escalation of Middle East tensions, rising from previous levels of N800 to N900. While the Dangote Refinery has twice lowered its gantry price—most recently to N1,125 per liter—many Nigerians are insisting that costs should return to sub-N1,000 levels.
Energy expert Professor Wumi Iledare explained that this delay in price adjustment is often due to asymmetric price transmission, where fuel costs do not immediately mirror crude oil market trends. Despite this, advocacy groups are urging the Nigerian government to mandate price reductions to help combat the country’s rising inflation, which reached 15.93 percent in May 2026. Currently, President Tinubu, the minister of state for petroleum resources Heineken Lokpobiri, and relevant regulatory agencies have not issued official statements regarding these calls for relief.
