Why fuel prices are holding steady in Nigeria despite global oil chaos

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

Retail fuel prices across Nigeria have largely remained stable over the past week, despite ongoing fluctuations in the global crude oil market.

A market survey conducted by ZINGTIE indicates that petrol prices ranged from N1,290 to N1,370 per liter at filling stations across the country.

This pricing pattern was observed at outlets operated by the Nigerian National Petroleum Company Limited (NNPC), 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 supply level, the gantry price of petrol at the Dangote Refinery has remained steady at N1,200 per liter. Meanwhile, depot owners like AA Rano, Sobaz, and Soroman have been selling petrol at ex-depot prices between N1,220 and N1,230 per liter.

Dangote Group President, Aliko Dangote, confirmed on Tuesday that the refinery had received 10 crude cargoes from NNPC in March 2026, according to Bloomberg.

The temporary stability in domestic fuel prices comes amid volatility in the international oil market over the past six weeks, largely driven by tensions related to the Iran-United States conflict in the Middle East.

As of Thursday morning, global oil benchmarks, including Brent crude and West Texas Intermediate, rebounded by approximately three percent, reaching $96 and $97 per barrel, respectively.

This followed a significant 14 percent drop the previous day after news emerged of a temporary ceasefire agreement between the United States and Iran.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.