Petroleum marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) have announced a downward review in the pump price of Premium Motor Spirit (PMS), commonly known as petrol or fuel, starting Tuesday, July 15.
Naijaonpoint reports that the development follows Dangote Refinery’s reduction of its ex-depot price from ₦840 to ₦820 per litre, prompting IPMAN members to respond by cutting retail prices at the pump.
Speaking with journalists, IPMAN National President, Abubakar Maigandi, confirmed the price review after an emergency meeting of the association held in Abuja.
“We met on Tuesday and agreed to reduce petrol price to between ₦900 and ₦920 per litre for our members in Abuja, North Central,” Daily Post quoted Maigandi as saying.
According to Maigandi, IPMAN members in other regions will now sell petrol between ₦860 and ₦890 per litre, depending on logistics and location.
He added, “Nigerians are happy because there has been a reduction in the price of fuel in the past weeks.”
The price adjustment comes barely one week after Dangote Refinery announced its second fuel price slash for July. The refinery, with a daily capacity of 650,000 barrels, has been credited with stabilising domestic fuel prices since its operational debut.
Naijaonpoint reports that the price reduction coincides with a public holiday declared by the Federal Government in honour of former President Muhammadu Buhari, who died in London on Sunday, July 14, 2025.
Buhari’s statewide burial is scheduled to hold on Tuesday in his hometown of Daura, Katsina State, drawing tributes and national attention.
The reduction also aligns with a global decline in crude oil prices. As of Monday, Brent crude traded at $69.10 per barrel, while West Texas Intermediate (WTI) futures fell to $66.98, both dropping from earlier figures above $70.
Analysts say the dip in global prices, coupled with the Dangote refinery’s aggressive pricing model, reflects the growing impact of downstream sector liberalisation in Nigeria.
IPMAN had hinted at this price drop last week, indicating that the industry was responding to market forces and seeking to ease pressure on Nigerian consumers.