Petroleum Marketers Reduce Petrol Prices Nationwide Amid Public Holiday

Petroleum marketers across Nigeria have announced a reduction in the price of Premium Motor Spirit (PMS), also known as petrol, beginning today, Tuesday, July 15.

The price cut comes on a day when the country observes a public holiday declared by the Federal Government to honour the late former President Muhammadu Buhari, who will be laid to rest in Daura, Katsina State.

National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed the development during an interview with Nigeria News 247 on Monday. He said the decision followed a meeting of IPMAN members held in Abuja in response to Dangote Refinery’s reduction of its ex-depot price from ₦840 to ₦820 per litre.

“As a result, our members in Abuja and the North Central region will now sell petrol at prices ranging from ₦900 to ₦920 per litre, down from ₦905 to ₦945,” Maigandi stated.

He also noted that marketers in other regions of the country will adjust their pump prices accordingly, with expected prices ranging between ₦860 and ₦890 per litre.

According to Maigandi, the recent drop in prices has been welcomed by Nigerians, who are beginning to see a downward trend in fuel costs over the past few weeks.

This price adjustment follows Dangote Refinery’s decision—announced just last week—to reduce its ex-depot pump price to ₦820 per litre. The refinery, which has a capacity of 650,000 barrels per day, has slashed prices twice in July alone.

Marketers attribute the ongoing reductions to the benefits of downstream deregulation and a decline in global crude oil prices. As of Monday, Brent crude traded at $69.10 per barrel, while West Texas Intermediate (WTI) stood at $66.98, both falling below the $70 mark.

The timing of the fuel price reduction, coinciding with the national holiday and Buhari’s state burial, underscores the evolving dynamics in Nigeria’s petroleum sector.