M-East War Fallout: Dangote Slashes Depot Petrol to ₦1,075, But Pump Price Stays at ₦1,300 – Marketers Yet to Reflect Relief

 

Nigerians continue to grapple with high fuel costs despite a recent downward adjustment by the Dangote Petroleum Refinery, as the ongoing Middle East conflict keeps global oil markets volatile.

On March 10, 2026, the refinery issued a new pricing template reducing the gantry price of Premium Motor Spirit (PMS) by ₦100 to ₦1,075 per litre from ₦1,175. Petrol supplied via coastal/waterways routes was set at ₦1,050 per litre. Automotive Gas Oil (diesel) also dropped to ₦1,430 per litre, a ₦190 reduction.

The move followed a decline in global crude prices to about $88 per barrel from highs around $110, influenced by developments in the Middle East war (including U.S., Israel, and Iran tensions) and statements signaling potential de-escalation.

However, retail prices at filling stations across states remain elevated at approximately ₦1,300 per litre. Depot prices hover between ₦1,190 and ₦1,200, but marketers have not adjusted pump prices downward. This lag has drawn criticism, with transporters, commuters, and economic stakeholders expressing frustration over persistent hardship amid economic pressures.

The refinery's adjustment marks the first notable relief after multiple upward revisions in the preceding week, driven by earlier crude surges. Experts note that while domestic refining offers long-term stability, immediate pump price relief depends on marketers passing on changes and broader factors like distribution costs and regulatory oversight.

Stakeholders urge faster transmission of benefits to end-users to ease the burden on households and businesses already facing inflation risks from the geopolitical tensions.