Fuel prices across Nigeria have fallen by as much as ₦125 per litre over the past three weeks, with marketers assuring Nigerians that further reductions are on the way.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed the development on Monday, attributing the price cut to the reduction in the ex-depot (gantry) price of petrol supplied by the Dangote Refinery.
Speaking in an interview with DAILY POST, IPMAN National President, Abubakar Maigandi, said filling stations nationwide have adjusted pump prices downward in response to the refinery’s price review.
According to him, petrol, which previously sold for as high as ₦1,340 per litre in some locations, is now being dispensed at prices ranging between ₦1,155 and ₦1,299 per litre, depending on the area.
The development comes after the Federal Government convened a meeting with key stakeholders in the downstream petroleum sector, including representatives of the Dangote Refinery, depot owners, and petroleum marketers, to discuss cost-reflective fuel pricing following the decline in global crude oil prices.
At the meeting, the government advocated for additional reductions in petrol prices to ensure consumers benefit from the lower cost of crude oil.
Maigandi said both Dangote Refinery and depot operators assured the government and Nigerians that more price cuts are expected.
“Fuel prices will go down further; that was our major agreement. Both Dangote Refinery and depot owners assured Nigerians. Presently, we have reduced it by ₦125 per litre nationwide,” he said.
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