Nigerian petrol marketers have announced a downward review of pump prices for Premium Motor Spirit (PMS), with effect from Tuesday, July 15, 2025. The move comes in response to a reduction in the ex-depot price by Dangote Refinery, Africa’s largest oil processing plant.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed the development in Abuja on Monday, with its national president, Abubakar Maigandi, stating that the price cut is a direct result of Dangote Refinery lowering its ex-depot rate from ₦840 to ₦820 per litre.
According to Maigandi, most IPMAN members have agreed to adjust retail prices accordingly. In Abuja and other parts of north-central Nigeria, pump prices are now expected to range between ₦900 and ₦920 per litre, down from the previous range of ₦905 to ₦945.
“We met on Monday and agreed to reduce the petrol price to between ₦900 and ₦920 per litre for our members in Abuja and surrounding areas,” Maigandi said. “Similarly, our members in some other parts of the country will be selling between ₦860 and ₦890 per litre.”
Maigandi noted that many Nigerians have welcomed the development, as it marks the second significant reduction in fuel prices this month.
The price cut coincides with a public holiday declared by the federal government to honour the late former President Muhammadu Buhari, who died in London on Sunday, July 14. His burial is scheduled for Tuesday in his hometown of Daura, Katsina State.
The Dangote Refinery which has a capacity of 650,000 barrels per day has now reduced its fuel prices twice in July alone. Marketers have attributed these reductions to improved supply chain efficiency and the impact of ongoing reforms in the downstream sector, particularly the deregulation of petrol pricing.
Global market conditions have also played a role, with crude oil prices falling below $70 per barrel. As of Monday, Brent crude stood at $69.10 per barrel, while West Texas Intermediate (WTI) traded at $66.98.
Industry analysts say the fuel price cuts are a reflection of the benefits of liberalizing the downstream oil market, allowing private refiners like Dangote to influence local pricing more effectively.
IPMAN had hinted at a possible reduction last week, citing improving supply conditions and discussions with refinery operators.
For heaven’s sake, can’t Dangote and oil marketers do better for Nigerians? How can a litre of petrol at between N860 and N920 or N945 be a reflection of reduction in a depressing economy where the minimum wage and purchasing power is incredibly meaningless?