Fuel Prices Decline in Singapore and Lagos

Retail petrol prices in Singapore declined on June 22, 2026, as Esso reduced costs by 4 cents across 92-, 95-, and 98-octane products. This followed similar price cuts by Caltex, Shell, and Sinopec on June 19, leading major providers to converge at $3.42 for 95-octane petrol. The trend follows global oil prices remaining largely below US$80 per barrel, supported by a June 17 interim deal between the United States and Iran to cease military operations for 60 days, despite threats from Donald Trump regarding the Strait of Hormuz.

Simultaneously, petrol and diesel depot prices decreased across several terminals in Lagos, Nigeria, on June 22. Petroleum marketers adjusted pricing to compete with rising domestic refining capacity. Rain Oil implemented the largest cut, reducing petrol from 1,180 to 1,162 naira per litre, while the Dangote Refinery maintained relative stability in Lagos. Diesel prices saw sharper declines in Lagos and Port Harcourt, where Matrix and Sigmund reduced prices to 1,560 naira per litre. While Lagos prices fell, some terminals in Port Harcourt and Calabar reported petrol price increases.