Many motorists in the Federal Capital Territory (FCT) have expressed concern about the high cost of fuel despite a drop in global oil prices. According to them, many filling stations across the FCT have yet to adjust their fuel pumps to reflect the price drop. The News Agency of Nigeria (NAN) reports that the price […]
Crude oil fell from $150 to <$80/barrel; retailers maintain prices ₦1,335-1,360/litre citing operating costs and interest rates despite Dangote cutting ₦75/litre. Deregulated market lacks loss-absorption mechanisms, driving calls for a Petroleum Bank—governance gap amplifying inflation across dependent sectors.
June 21, 2026
Many motorists in the Federal Capital Territory (FCT) have expressed concern about the high cost of fuel despite a drop in global oil prices.
According to them, many filling stations across the FCT have yet to adjust their fuel pumps to reflect the price drop.
The News Agency of Nigeria (NAN) reports that the price of crude oil in the global market has dropped from $ 150 per barrel to below $ 80 per barrel.
This is due to the de-escalation of the crisis between the U.S. and Iran.
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