Petroleum products marketers across Nigeria have announced a fresh reduction in the pump price of Premium Motor Spirit, effective from today, Tuesday.
The price cut aligns with a significant development in the nation’s political landscape, as economic activities pause for a public holiday declared by the federal government in honour of former President Muhammadu Buhari, who passed away in London on Sunday, July 14, 2025.
His burial is scheduled for Tuesday in his hometown of Daura, Katsina State.
Speaking with journalists on Monday, the National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, confirmed the price review, which follows a recent slash in Dangote Refinery’s ex-depot price from N840 to N820 per litre.
According to Maigandi, the decision was reached during a meeting of IPMAN members in Abuja on Monday.
“We met on Tuesday and agreed to reduce petrol price to between N900 and N920 per litre for our members in Abuja, north central.
“Similarly, our members in some other parts of the country will be selling below around N860 and N890 per litre.
“Nigerians are happy because there has been a reduction in the price of fuel in the past weeks,” he told newsmen.
Prior to this adjustment, petrol was selling at rates between N905 and N945 per litre in the Abuja axis.
The new rates represent a modest relief for consumers, particularly amid broader economic challenges.
Last week, IPMAN had hinted at an impending price cut, which now coincides with the latest reduction by Dangote Refinery, the second price slash in July alone by the 650,000-barrel-per-day facility.
Industry stakeholders attribute the ongoing decrease in pump prices to the liberalization of the downstream sector, which has encouraged competitive pricing and market-driven adjustments.
This reduction also comes against the backdrop of declining global crude oil prices.
As of Monday, Brent crude and West Texas Intermediate futures stood at $69.10 and $66.98 per barrel, respectively, both falling below the $70 benchmark.
