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.

Oyo State Governor and Allied Peoples Movement presidential candidate Seyi Makinde has challenged Nigeria's approach to petrol pricing, arguing that the country's status as an oil producer should translate into cheaper fuel for citizens. According to Daily Trust, Makinde said the solution to high petrol prices was not a return to subsidy but a fundamental review of the current pricing framework, proposing a new route to more affordable petrol.

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.

Nigerian motorists could see cheaper petrol once the country's domestic refining industry becomes stronger, more competitive and financially sustainable, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Petrol currently sells at about N1,310 to N1,350 per litre in many parts of Nigeria, after prices rose from previous levels. The regulator's comments link future fuel affordability to the growth and viability of local refining capacity.

Dangote Refinery may increase petrol prices again as Brent crude oil approaches $100 per barrel, according to Legit.ng. The rising global crude price is reportedly driving up replacement costs for the refinery and adding pressure across Nigeria's downstream petroleum market. The potential price hike would come at a time when fuel costs remain a major concern for Nigerian consumers and businesses. Further details on the timing or scale of any adjustment were not provided in the report.

A report by Tribune Online traces the rise of Nigeria's petrol prices from N20 per litre in 1999, at the start of civilian rule under President Olusegun Obasanjo, to more than N1,000 per litre in several parts of the country under President Bola Tinubu. According to the report, current pump prices vary depending on location, marketer and prevailing market conditions. The article reviews how fuel costs have evolved across successive Nigerian administrations over more than two decades.