BREAKING: NIGERIAN PETROL STATIONS ANNOUNCE REDUCTION IN FUEL PRICES

March 23, 2026

Read Time:1 Minute, 7 Second

By: Muftau Fatimo

Several Nigerian petrol stations have reduced their retail fuel prices.

The media checks on Monday revealed that Ranoil and Empire Energy have lowered their petrol prices to N1,370 and N1,383 per litre, respectively, down from N1,440 and N1,430 per litre.

This reflects a decrease of N70 per litre at Ranoil and N37 per litre at Empire Energy.

A manager, who spoke to the media on condition of anonymity, explained that the price adjustment was aimed at staying competitive in Nigeria’s downstream petrol sector.

The media further reports that the Nigerian National Petroleum Company Limited and MRS filling stations currently sell petrol at N1,361 and N1,367 per litre, respectively.

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The price drop follows a sharp decline in crude oil prices, with Brent falling nearly 10 percent to $100.20 per barrel and West Texas Intermediate (WTI) dropping to $88.85 per barrel, after both US and Iranian officials confirmed talks aimed at de-escalating the Middle East conflict.

The decline in crude prices on Monday has raised expectations that Dangote Refinery may reduce its gantry petrol price, which currently stands at N1,245 per litre, following several increases earlier in March 2026.