Fuel prices set to drop at depots as crude falls - retail pumps await change

Global crude oil prices fell sharply after Iran reopened the Strait of Hormuz, with WTI down 11% to $83.85/bbl and Brent down 9% to $90.38/bbl. This has triggered slight reductions at Nigerian depots: petrol now sells for N1,205-1,206/liter (just N5-N6 above Dangote Refinery's N1,200/liter) and diesel at Lagos depots like Menj and Duport for N1,775/liter. However, retail pump prices remain unchanged as of this report - petrol still N1,290-1,333/liter and diesel N1,850-1,900/liter.

IPMAN President Abubakar Maigandi confirmed the depot price drops, telling DAILY POST: 'We expect fuel prices to drop in the coming days if crude oil prices continue to decline.' Market observers note panic selling among depot marketers despite the stagnant retail prices.

The persistent N85-N125 gap between depot and retail petrol prices (and N75-N125 for diesel) suggests consumers may see relief at pumps soon - but timing depends on when marketers pass savings forward. Will you adjust your budget expectations for transport costs now, or wait to see if the savings actually reach filling stations before making travel or business decisions?

SOURCE: https://dailypost.ng/2026/04/18/fuel-diesel-prices-set-to-drop-in-nigeria-as-crude-oil-slumps/