Motorists across Nigeria may enjoy additional relief at the pumps as the price of Premium Motor Spirit (PMS), popularly known as petrol, continues its downward trend following the sustained decline in global crude oil prices.

Over the past three weeks, retail petrol prices have dropped significantly, with pump prices in Abuja and surrounding areas falling from between ₦1,317 and ₦1,336 per litre in mid-June to ₦1,150 and ₦1,205 per litre as of Sunday, July 12, 2026. The reduction follows multiple price cuts by the Dangote Refinery, which has lowered its gantry price to ₦1,075 per litre, prompting marketers and depot owners to adjust their ex-depot prices accordingly.

Although renewed tensions between the United States and Iran briefly sparked concerns over a possible spike in crude oil prices, the global market has since stabilized, with Brent crude trading around $76 per barrel and West Texas Intermediate at about $71 per barrel.

Reacting to the development, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed optimism that petrol prices would continue to ease as crude oil prices remain on a downward trajectory.

He, however, noted that price fluctuations remain a defining feature of Nigeria’s downstream petroleum sector, urging consumers and industry players to expect continued market-driven adjustments.