BREAKING: Dangote Refinery Forces Fuel Price Drop Across Nigeria

Petroleum marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) have announced a reduction in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, beginning Tuesday, July 15.

This move follows Dangote Refinery’s decision to cut its ex-depot price from ₦840 to ₦820 per litre, prompting IPMAN members to lower retail pump prices accordingly.

Speaking to journalists, IPMAN’s National President, Abubakar Maigandi, confirmed the decision after an emergency meeting held by the association in Abuja.

“We convened on Tuesday and resolved to reduce the price of petrol to between ₦900 and ₦920 per litre for our members in Abuja and North Central,” Maigandi told Daily Post.

He added that in other parts of the country, IPMAN members will now sell petrol at rates ranging from ₦860 to ₦890 per litre, depending on location and distribution logistics.

Maigandi noted that Nigerians are responding positively to the price cut, as it reflects a recent trend of declining fuel prices.

This latest adjustment follows Dangote Refinery’s second fuel price reduction in July. The refinery, which has a capacity of 650,000 barrels per day, has played a key role in stabilising fuel prices across Nigeria since it began operations.

The price drop also comes on the same day the Federal Government declared a public holiday 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, Daura, Katsina State.

Additionally, the fuel price drop aligns with global trends, as international crude prices continue to decline. Brent crude was trading at $69.10 per barrel on Monday, while West Texas Intermediate (WTI) dropped to $66.98, both falling below the $70 mark.

Analysts believe that the combination of falling global oil prices and Dangote’s aggressive pricing strategy highlights the growing impact of Nigeria’s downstream sector liberalisation.

Last week, IPMAN hinted at a possible reduction in petrol prices, pointing to market forces and efforts to ease the financial burden on consumers.