Retail fuel prices in Nigeria have remained relatively steady over the last week, despite persistent volatility in the global crude oil market.
market survey, petrol prices at filling stations countrywide ranged between N1,290 and N1,370 per litre.
This pricing trend was noticed in Nigerian National Petroleum Company Limited outlets, as well as independent marketers such as MRS, NIPCO, Ranoil, AA Rano, Total, Emedab, and Bovas in Abuja, Niger, Kogi, and Lagos states.
At the Dangote Refinery, the gantry price of petrol remained at N1,200 per litre. Meanwhile, depot operators including AA Rano, Sobaz, and Soroman supplied petrol at ex-depot prices ranging from N1,220 to N1,230 per litre.
Aliko Dangote, President of the Dangote Group, said on Tuesday that the refinery will receive ten crude cargoes from the NNPC in March 2026, according to Bloomberg.
The ‘temporary’ stability in domestic fuel prices comes amidst turmoil in the international oil market during the last six weeks, spurred by tensions related to the Iran-US confrontation in the Middle East.
As of Thursday morning, global oil benchmarks such as Brent crude and West Texas Intermediate had risen by approximately three percent to $96 and $97 per barrel, respectively.
This followed a steep 14 percent plunge the day before, following news of a temporary cease-fire agreement between the US and Iran.