Nigerian motorists will see a reduction in petrol prices starting Tuesday, following a decision by the Independent Petroleum Marketers Association of Nigeria (IPMAN) to slash pump rates in response to Dangote Refinery’s recent ex-depot price cut.
IPMAN’s national president, Abubakar Maigandi, confirmed that the price of Premium Motor Spirit (PMS) will drop across various regions, particularly Abuja and parts of North Central Nigeria, where fuel will now sell for between ₦900 and ₦920 per litre, down from ₦905–₦945.
In other areas, consumers can expect pump prices to range between ₦860 and ₦890 per litre, reflecting growing price adjustments from marketers nationwide.
“We met on Tuesday and agreed to reduce petrol price to between N900 and N920 per litre for our members in Abuja, North Central. Similarly, our members in some other parts of the country will be selling around N860 and N890 per litre,” Maigandi stated.
This decision follows Dangote Refinery’s recent move to lower its ex-depot price from ₦840 to ₦820 per litre, its second reduction in July, as Nigeria continues to benefit from a liberalized downstream sector and sliding global crude prices.
As of Monday, Brent Crude traded at $69.10 per barrel, while West Texas Intermediate (WTI) hovered around $66.98, both dropping below the $70 threshold.
The timing of the fuel price cut coincides with a national public holiday declared to honour the late former President Muhammadu Buhari, who passed away on Sunday in London. Buhari will be buried in Daura, Katsina State on Tuesday, with nationwide events temporarily halting in observance.
Petrol marketers attribute the steady reductions to improved supply, competitive pricing from Dangote, and the overall impact of market liberalization in the oil sector.
