Petrol Price in Nigeria, Crude oil has crashed by 40% few weeks ago, but the petrol price in Nigerian filling stations has not reduced at all.
The pump prices of Petrol Motor Spirit popularly known as PMS in Nigeria is mostly above ₦1,000 per litre at many stations, despite Brent crude falling to around $72 per barrel. The crude oil price beat down from $120 per barrel to approximately $72 per barrel after the temporary ceasefire between Iran and US.
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri has called for a proportional reduction in the pump price of Premium Motor Spirit (PMS) as it crashed to $72 per barrel. As of July 1, 2026, the Brent crude benchmark is at $72.68 per barrel. This is a decrease of $2.34 from the previous day and roughly $4.34 more than at the same time last year.
The Inflation in Petrol Price since 2026
In January and February, PMS price was around ₦1,000–₦1,050 per litre on average. Getting to March, the price increased towards ₦1,200–₦1,400 in some filling stations in some parts of the country.
The Iran US war which led to the closing of the Strait of Hormuz really intensify the increase in the price of crude oil across the globe. Between April and May, global crude oil climbed to a peak of about $120 per barrel, and Nigerian pump prices spiked to between ₦1,350 and ₦1,500 per litre, with diesel reaching about ₦2,000 per litre.
Following the Iran US ceasefire and the reopening of the Strait of Hormuz, crude fell to about $72–73 per barrel by late June 2026. However, as of June 29, average pump prices were still around ₦1,200 per litre, even though local refiners had already cut gantry prices to between ₦1,025 and ₦1,075 per litre.
Prices rose quickly with crude spikes earlier in the year, but reductions have been slower and smaller despite the recent crude drop to $72.
What the Federal Government Just Ordered Marketers to Do
On Monday, June 29, 2026, the Federal Government through the Minister of State for Petroleum Resources, Heineken Lokpobiri has directed fuel marketers, and the regulator, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately effect the decline in global crude oil prices in pump prices and prevent profiteering.
The main essence of this order to make Marketers reduce petrol (PMS) and other product prices to align with the drop in crude oil price globally so as to make consumers to benefit faster from the lower global costs.
FCCPC Threatens Sanctions
The Federal Competition and Consumer Protection Commission (FCCPC) has publicly threatened sanctions against fuel marketers, refiners, depot operators, and retailers. This is because price drops at retail have been insignificant compared to the sharp decline in global crude oil.
The FCCPC will investigate and sanction any operators found engaging in unfair or exploitative pricing, anti-competitive practices, and consumer exploitation that violates the Federal Competition and Consumer Protection Act.
Final Thoughts on Petrol Price in Nigeria
Petrol Price in Nigeria, the government can’t just order a decrease in petrol prices in Nigeria because fuel prices are now determined by market forces, which include supply, demand, and competition, instead of government’s flat. A government that removed its own power to set prices is now publicly begging the people it deregulated to behave fairly.
The collision between government directives, marketer resistance, and consumer frustration is intensifying, while IPMAN is threatening a nationwide shutdown if price controls are enforced.
Have you seen petrol prices drop where you are, or are you still paying crisis-level prices? Tell us what you’re paying right now.
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