For the third consecutive week, the cost of premium motor spirit has trended downward in response to shifting global crude oil values. Reports indicate that both Brent and West Texas Intermediate crudes fell to $76 and $71 per barrel by Saturday, even as geopolitical tensions involving the United States and Iran escalated. Although comments from US President Donald Trump regarding the status of ceasefires initially caused a market spike, prices stabilized by the end of the week.
These fluctuations initially sparked concerns regarding potential price hikes within Nigeria, but the subsequent cooling of international oil rates prevented such outcomes. According to data, the Dangote Refinery and various depot operators have lowered their rates to N1,075 per liter after four consecutive price cuts. This adjustment is currently reflected in lower retail costs across the country.
As of Sunday, July 12, 2026, petrol prices in the Abuja region fell to between N1,150 and N1,205 per liter, marking a decrease from the N1,317 to N1,336 range observed on June 18, 2026. Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, noted that this downward trend is expected to persist as long as international crude prices remain soft. He emphasized that the downstream sector is inherently subject to price volatility.
