The Nigerian National Petroleum Company Limited (NNPCL) has reduced its premium motor spirit pump price for the second time in less than two weeks, lowering it from N1,210 to N1,150 per litre. This adjustment was confirmed by a market survey conducted by DAILY POST.

Despite a significant drop in crude oil prices to $73 per barrel, petrol prices in Nigeria continue to remain high, with consumers hoping for a reduction below N1,000 per litre.

Domestic air travel fares in Nigeria increased by 20.8 percent year-on-year in May 2026, reaching N157,552 compared to N130,361 in May 2025, according to the National Bureau of Statistics (NBS). The NBS also reported fare increases across other transport categories in its latest Transport Fare Watch.

Despite a decline in global oil prices to levels seen before the US-Iran conflict, petrol prices in Nigeria remain high, leading to rising expectations among the public for a decrease in local fuel costs, according to Naija News.

Global oil prices have decreased to levels not seen since before the US-Iran war, leading to expectations for lower petrol prices, according to Daily Trust. Despite this drop, fuel prices in Nigeria continue to exceed N1,000, raising concerns about the slow transmission of global market changes to local consumers and businesses.

Filling stations in Nigeria, including MRS, AA Rano, and NIPCO, have decreased petrol prices following a reduction in the ex-depot price by Dangote Refinery to N1,075 per litre. This price cut has provided relief to consumers across the country.