Responding to Dangote, Marketers Drop Fuel Prices from N840 to N820 Per Liter Across Nigeria
Nigerian petroleum marketers have announced a decrease in premium motor spirit prices, effective today, Tuesday. This announcement coincides with the economic shutdown today due to the public holiday declared by the federal government in honor of former President Muhammadu Buhari.
Abubakar Maigandi, the national president of the Independent Petroleum Marketers Association of Nigeria, revealed this to DAILY POST during an interview on Monday. He stated that the decision to lower petrol prices followed a meeting held in Abuja by IPMAN members on Monday, prompted by the reduction in Dangote Refinery’s ex-depot price to N820 per litre from N840.
Maigandi mentioned that most members have agreed to adjust their retail petrol prices downward starting Tuesday.
Specifically, IPMAN members in Abuja will dispense petrol between N900 and N920 per litre, a decrease from N905 and N945.
“We convened on Tuesday and concurred to lower the petrol price to between N900 and N920 per litre for our members in Abuja, North Central. Similarly, our members in various other regions will sell petrol at prices ranging from N860 to N890 per litre. Nigerians are pleased with the recent fuel price reductions,” Maigandi stated.
This development aligns with the public holiday declared by the federal government to honor Buhari, who is set to receive a statewide burial on Tuesday in Daura, Katsina State, following his passing in London on Sunday, July 14th, 2025.
IPMAN had previously indicated a forthcoming fuel price reduction last week. Recall that Dangote Refinery had announced a decrease in its fuel ex-depot pump price to N820 from N840 per litre barely a week ago.
DAILY POST reports that the 650,000-barrel-per-day refinery has reduced fuel prices twice in July alone. Petrol marketers have credited the reduction by Africa’s largest refinery to the benefits of liberalizing the downstream sector. This price reduction occurs amidst declining global crude oil prices, which were at $69.10 and $66.98 per barrel for Brent and West Texas Intermediate crude futures as of the time of this report on Monday, down from above $70.
