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IPMAN lowers pump price to ₦860–₦920 per litre nationwide
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Dangote’s aggressive pricing sparks market-wide adjustment
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Global crude oil slump influences domestic fuel costs
Petroleum marketers across Nigeria have announced a fresh reduction in petrol prices after Dangote Refinery slashed its ex-depot rate from ₦840 to ₦820 per litre.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed on Tuesday that its members would now sell Premium Motor Spirit (PMS) between ₦900 and ₦920 per litre in Abuja and North Central states, with prices ranging from ₦860 to ₦890 per litre in other regions.
“We met on Tuesday and agreed to reduce petrol price for our members to reflect the Dangote cut. Nigerians are happy because fuel costs have dropped again in the past weeks,” said IPMAN National President, Hon. Abubakar Maigandi, after an emergency meeting in Abuja.
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This is the second time in July that Dangote’s 650,000 barrel-per-day refinery has announced a fuel price reduction, further stabilising the local market since operations began earlier this year.
The latest cut coincides with a global dip in crude oil prices, with Brent trading at $69.10 per barrel and WTI at $66.98, both down from over $70 in recent weeks.
READ ALSO: Fuel Price Set To Drop Monday As Marketers Respond To Dangote Refinery Slash
Analysts attribute the sustained drop in domestic fuel prices to Dangote’s pricing strategy and the liberalisation of Nigeria’s downstream sector, which is allowing market forces to dictate prices more effectively.
The announcement comes as the nation observes a public holiday in honour of former President Muhammadu Buhari, who passed away on Sunday in London. His burial is scheduled to hold today in Daura, Katsina State.
IPMAN had previously hinted at the price adjustment, saying it aimed to ease pressure on Nigerian consumers amid rising economic challenges.
