Why Fuel Prices Never Fall Back in Nigeria

In physics, the law of gravity says that anything that goes up must come down. But in Nigeria, once a price rises, it never returns to its previous level. Before the recent Middle East conflict, crude oil traded below $70 per barrel and petrol sold for under ₦800 per litre. When global oil prices spiked above $120, pump prices jumped. Now that crude has dipped below $70 again, petrol still costs over ₦1,000 per litre. Why don’t these fuel prices ever drop back for Nigerian consumers?

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