“It’s Their Turn to Benefit”: Nigerians Rush to Buy as Petrol Sells for ₦620 Per Litre!

Reported by Marian Opeyemi Fasesan | Sele Media Africa

Thousands of Nigerians on Thursday rushed to petrol stations across major cities as pump prices dropped to around ₦600 per litre—offering temporary relief after months of high fuel costs.

What We Know:

• In cities such as Lagos, Abuja, and Port Harcourt, several independent marketers adjusted their pump prices to between ₦580 and ₦620 per litre.
• The development follows increased product availability due to improved supply from private importers and a stable forex window in recent weeks.
• The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed a recent uptick in inland stock levels.
• At some filling stations in Lagos, queues reappeared as motorists and commercial drivers rushed to buy. “It’s our turn to benefit,” a tricycle rider at Mile 2 said.

Quote:

“Fuel has been killing our income for months. Today feels like a small victory,” — Chukwuma James, Taxi Driver in Abuja.

Why It Matters:

• Petrol prices have ranged between ₦680 and ₦750 per litre since early 2024, following the full deregulation of the downstream sector and removal of subsidy in 2023.
• The price dip—if sustained—may ease pressure on transport, food, and logistics costs amid soaring inflation.
• However, experts warn that the relief could be short-lived due to Nigeria’s continued reliance on imported refined products.
  What Experts Say:

According to Naira metrics, the Central Bank of Nigeria’s recent intervention in stabilising FX for oil importers played a role in the temporary price ease.
MOMAN (Major Oil Marketers Association of Nigeria) also acknowledged improved logistics coordination in October, though it cautioned against expecting consistent low pricing in the absence of local refining.

Citations:

1. NMDPRA Bulletin – October 2025
2. Nairametrics: “Fuel Prices Drop as Marketers Respond to Forex Gains” – Oct. 2025
3. Channels TV – “Nigerians Rush Stations as Petrol Price Dips Below ₦620”
4. Vanguard Nigeria – “Fuel Relief: Temporary or Turning Point?”– Oct. 17, 2025

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