Nigerians will welcome a rare economic respite today as petroleum marketers implement reduced pump prices for Premium Motor Spirit even as the nation observes a public holiday to honour late former President Muhammadu Buhari.
The Independent Petroleum Marketers Association of Nigeria announced the price reduction following an emergency meeting in Abuja on Monday, triggered by Dangote Refinery’s latest ex-depot price cut to ₦820 per litre from ₦840.
IPMAN National President Abubakar Maigandi confirmed to Daily Post that members would immediately adjust prices: “We met on Tuesday and agreed to reduce petrol price to between ₦900 and ₦920 per litre for our members in Abuja, north central. Similarly, our members in some other parts of the country will be selling below around ₦860 and ₦890 per litre.”
The adjustment represents a ₦5-₦25 reduction from previous rates of ₦905-₦945 in Abuja, with steeper drops expected in regions closer to Dangote’s Lagos refinery. Maigandi noted: “Nigerians are happy because there has been a reduction in the price of fuel in the past weeks.”
The timing coincides with Nigeria’s nationwide shutdown for Buhari’s state burial in Daura, Katsina, following his July 14 death in London. While most businesses remain closed, fuel stations will operate to serve essential travel needs.
This marks Dangote Refinery’s second July price reduction, with the 650,000-barrel-per-day facility driving market shifts since entering the domestic fuel supply chain. Analysts attribute the trend to downstream sector liberalization and falling global crude prices, with Brent at $69.10 and WTI at $66.98 per barrel at reporting time.
The refinery’s pricing strategy is gradually stabilizing Nigeria’s fuel market, though distribution challenges persist in remote areas. The latest reduction offers economic relief amid mourning activities, with marketers projecting further drops if current trends continue.
The development comes as Buhari’s burial procession begins in Katsina, where dignitaries including President Bola Tinubu and regional leaders are expected to pay final respects to Nigeria’s former leader.
