by Nigerian News24 Correspondents
Nigerian petroleum marketers have announced a nationwide reduction in the price of Premium Motor Spirit (petrol), effective Tuesday.
This development coincides with a public holiday declared by the federal government to honour former President Muhammadu Buhari, who passed away on Sunday, July 14, 2025, in London. Buhari will be laid to rest on Tuesday in Daura, Katsina State.
Speaking in an interview on Monday, Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price cut. He explained that the decision followed an emergency meeting of IPMAN members in Abuja after Dangote Refinery reduced its ex-depot price of petrol from ₦840 to ₦820 per litre.
Maigandi said that, beginning Tuesday, IPMAN members in Abuja and the North-Central region would lower retail prices to between ₦900 and ₦920 per litre, down from the previous ₦905–₦945 range. In other parts of the country, petrol is expected to sell between ₦860 and ₦890 per litre.
“Our members have agreed to adjust their pump prices downward. Nigerians are already expressing relief as fuel prices have been gradually decreasing in recent weeks,” Maigandi said.
This marks the second fuel price reduction by Dangote Refinery in July. The 650,000-barrel-per-day facility, Africa’s largest, had earlier slashed its ex-depot price amid declining global crude oil prices. At the time of this report, Brent crude was trading at $69.10 per barrel, while West Texas Intermediate (WTI) stood at $66.98 — both down from earlier levels above $70.
Industry stakeholders have attributed the price reductions to the liberalization of Nigeria’s downstream oil sector and improved local refining capacity.