The continued decline in global crude oil prices, coupled with stiff competition among local and imported petroleum products, has led to a slight but notable reduction in the retail prices of petrol and diesel across Nigeria. According to Petroleum Price NG, leading marketers like Nipco and Rainoil have adjusted their petrol prices marginally, with Nipco now selling at ₦841 per litre (down from over ₦842), and Rainoil Delta in Warri lowering its price from ₦865 to ₦860 per litre. Similarly, Mainland in Calabar dropped its price from ₦875 to ₦874 per litre.
In the diesel market, Nipco reduced its price from ₦980 to ₦955 per litre, while Dangote adjusted to ₦940 from ₦946. These reductions, though modest, reflect increasing price sensitivity in the downstream sector as importers and local producers strive for market share amid falling oil benchmarks.
Reacting to recent policy changes, the Petroleum Products Retail Owners Association of Nigeria (PETROAN) lauded the Federal Government’s decision to ban the importation of goods that are also produced locally—petroleum products included. PETROAN President Dr. Billy Gillis-Harry praised the move as a step toward supporting local industry but cautioned that it must be carefully implemented to prevent shortages or future price hikes.
