Premium Motor Spirit (PMS) prices have been reduced across Nigeria, following a fresh cut in the ex-depot price by Dangote Refinery and a resolution by independent marketers to pass on the savings to consumers.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed the development in an exclusive interview with DAILY POST on Monday, stating that the new pricing regime would take effect from Tuesday, July 15.
IPMAN’s National President, Abubakar Maigandi, said the decision was reached during a meeting of the association’s members in Abuja, convened in response to Dangote Refinery’s reduction of its ex-depot petrol price from N840 to N820 per litre.
According to Maigandi, petrol will now be dispensed by IPMAN members in Abuja and parts of North Central at between N900 and N920 per litre, down from previous rates of N905 to N945. In other parts of the country, retail prices are expected to drop further — to between N860 and N890 per litre, depending on location.
“We met on Tuesday and agreed to reduce petrol price to between N900 and N920 per litre for our members in Abuja and North Central,” Maigandi said. “Nigerians are happy because there has been a steady reduction in the price of fuel in the past few weeks.”
The development coincides with a public holiday declared by the Federal Government to honour the late former President Muhammadu Buhari, who passed away in London on Sunday, July 14, 2025, at the age of 82. He is scheduled to be buried in his hometown of Daura, Katsina State, on Tuesday.
This marks the second fuel price cut by the Dangote Refinery in July, reinforcing the benefits of Nigeria’s liberalized downstream sector, according to industry stakeholders. The 650,000-barrel-per-day facility has continued to influence market dynamics positively, with local marketers responding swiftly to its pricing adjustments.
The price drop also aligns with the global trend of declining crude oil prices. As of Monday, Brent crude traded at $69.10 per barrel, while West Texas Intermediate (WTI) stood at $66.98, both slipping below the $70 threshold.
Analysts believe the combined effect of domestic refinery output and falling global oil prices may continue to ease pressure on fuel prices in the coming weeks.
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