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 t...