Fuel consumers in Nigeria are set to enjoy a slight relief as the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced a downward adjustment in the pump price of Premium Motor Spirit (PMS), beginning Tuesday, July 15.
This move follows a fresh reduction in the ex-depot price by Dangote Refinery, which lowered its rate from ₦840 to ₦820 per litre. In response, IPMAN has directed its members to implement a corresponding reduction in retail prices across various regions.
Speaking to the press after an emergency meeting held in Abuja, IPMAN National President, Abubakar Maigandi, disclosed that members operating in Abuja and the North Central zone will now sell petrol within a range of ₦900 to ₦920 per litre.
“For other parts of the country, the price will vary between ₦860 and ₦890, depending on transport costs and location-specific factors,” Maigandi explained.
He noted that the recent adjustment has been well received by the public, as it marks a continued trend of price moderation in recent weeks.
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This is the second fuel price cut announced by Dangote Refinery in July. With a production capacity of 650,000 barrels per day, the refinery has been credited with helping to stabilise domestic fuel supply and pricing since it commenced operations.
The latest price review also coincides with a drop in international crude oil benchmarks. On Monday, Brent crude was trading at $69.10 per barrel, while West Texas Intermediate (WTI) stood at $66.98—both lower than their recent averages.
Industry observers believe that the combination of lower global oil prices and Dangote Refinery’s pricing strategy is a reflection of the ongoing liberalisation in Nigeria’s petroleum sector.
IPMAN had earlier hinted at the potential for price reductions, citing market conditions and the need to ease the burden on consumers.
