As Oil Prices Fall, Nigerians Are Asking One Question the Government Has Yet to Answer

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The administration of President Bola Ahmed Tinubu has yet to respond to growing calls for a corresponding reduction in petrol prices following the recent decline in global crude oil prices.

ZINGTIE reports that the prices of West Texas Intermediate and Brent crude have dropped to approximately $69 and $71 per barrel respectively, after previously climbing close to $100 per barrel during heightened tensions in the Middle East.

Current crude oil prices have now returned to levels recorded before the escalation of the Iran-United States-Israel conflict on February 28, 2026, which had significant effects on the global economy.

Several economies around the world experienced increased pressure as energy costs surged during the crisis. With crude prices now declining, consumers are expecting similar reductions in fuel and other energy-related costs.

This expectation prompted United States President Donald Trump to publicly criticize oil companies for failing to reduce fuel prices, while also calling for investigations into the situation through posts on his Truth Social platform.

In Nigeria, the Middle East conflict contributed to a sharp rise in the prices of petrol and other petroleum products.

Before February 28, petrol sold for between N800 and N900 per litre. However, prices later climbed to as much as N1,400 per litre before eventually stabilising at between N1,241 and N1,305 per litre in Abuja and surrounding areas.

It would be recalled that Dangote Refinery recently announced two separate reductions in its gantry price for petrol.

The refinery initially lowered its ex-depot price by N75 per litre, reducing it from N1,250 to N1,175 per litre. The adjustment later influenced pump prices across several parts of the country.

Barely 24 hours ago, the company announced another reduction of N50 per litre, bringing its gantry price down to N1,125 per litre.

Despite these reductions, many Nigerians have continued to demand a further drop in petrol prices to below N1,000 per litre, which was the prevailing rate before the Middle East crisis.

A Nigerian media monitoring group recently urged the Federal Government to compel petroleum marketers and other industry players to reduce fuel prices below N1,000, arguing that crude oil prices have already returned to their pre-conflict levels.

Meanwhile, Professor Emeritus of Petroleum Economics and energy expert, Wumi Iledare, explained that petroleum product pricing often follows what experts describe as “asymmetric price transmission,” where decreases in crude oil prices do not immediately lead to lower prices for refined products.

As public debate over fuel pricing continues, President Tinubu, who also serves as the substantive Minister of Petroleum Resources, has yet to make any public statement regarding calls for a corresponding reduction in petrol and diesel prices.

Likewise, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, and the Federal Competition and Consumer Protection Commission have not officially responded to demands for lower fuel prices.

ZINGTIE reports that rising energy costs continue to place pressure on the economy, contributing significantly to inflation, which climbed to 15.93 percent in May 2026.

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