Checks along the Lagos-Ibadan Expressway over the weekend showed that many marketers reduced their pump prices from around N1,280 per litre in an effort to remain competitive as consumers sought cheaper fuel options. Stations offering lower prices attracted more motorists, with SGR filling station in Mowe selling petrol at N1,199 per litre, the lowest price observed. NIPCO, SAO, AP and MRS retail outlets dispensed Premium Motor Spirit at N1,205 per litre, while Mobil sold at N1,220 per litre. Heyden offered petrol at N1,285 per litre in Iperu and N1,210 per litre in Ibafo, reflecting varying pricing strategies among marketers. Retail outlets operated by the Nigerian National Petroleum Company Limited sold petrol at N1,245 per litre. The decline in fuel prices follows a drop in global crude oil prices after tensions in the Middle East eased. Last week, the Dangote refinery reduced its petrol gantry price by N75 per litre after crude oil prices retreated from about $120 per barrel during the United States-Iran conflict to around $80 per barrel following a peace agreement. The refinery subsequently lowered its petrol loading price from N1,250 per litre to N1,175 per litre, prompting several private depot operators to adjust their ex-depot prices to about N1,180 per litre. Diesel prices have also recorded a decline. Data from Petroleumprice.ng indicated that the Dangote refinery cut its diesel gantry price by N100 per litre to N1,500 per litre. The latest adjustment represents a 6.25 per cent reduction from the previous N1,600 per litre rate and marks the second diesel price review within a week. Despite the reductions, some Nigerians argued that the new prices do not adequately reflect the sharp decline in international crude oil prices. Responding to the criticism, a source within the Dangote Group said the refinery was still processing crude purchased at higher prices during the period of market volatility and was carefully monitoring developments in the global oil market. “Crude prices are still swinging. People making such comments are either insincere or they don’t know the business. Let them go and check the prices all over Africa or the world,” the source said. The source added that petrol prices could eventually fall further, potentially reaching as low as N900 per litre, but noted that the refinery still holds inventories of crude acquired when prices were significantly higher.