The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to lower the pump price of Premium Motor Spirit (PMS), popularly known as petrol, starting Monday, July 15, following a price cut by Dangote Refinery.
This was disclosed by Abubakar Maigandi, IPMAN’s National President, during an interview with Daily Post on Friday.
Dangote Refinery Leads With Ex-Depot Price Slash
The announcement comes on the heels of Dangote Refinery’s decision to slash its ex-depot petrol price from N840 to N820 per litre, a move that’s expected to impact fuel pricing nationwide.
The 650,000 barrels-per-day refinery, which recently began supplying the Nigerian market with refined petrol, is setting a precedent many marketers are now preparing to follow.
“Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday,” Maigandi stated.
Current Fuel Prices in Abuja
As of Friday, July 12, petrol prices across Abuja vary significantly:
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NNPC, NIPCO, AA Rano, and Shema outlets sell between N910 and N920 per litre
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MRS, AP Ardova, and Dangote Refinery retail partners dispense at N905 per litre
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Ranoil, Empire Energy, and Total Emadeb outlets sell fuel as high as N945 per litre
With IPMAN’s anticipated price reduction, Nigerians may soon see a slight relief at the pumps, although the exact figures will be confirmed after Monday’s official announcement.
What This Means for Nigerians
The move is seen as a positive signal for fuel affordability, especially amidst growing public frustration over soaring transportation costs and economic pressure caused by fuel hikes. However, experts note that long-term stability in fuel pricing will depend on broader policy reforms, including full deregulation and consistent local refining output.
Stay tuned as IPMAN is expected to unveil new pump prices after its Monday meeting.
