Nigerian petroleum marketers have announced a reduction in the retail price of Premium Motor Spirit (PMS), effective Tuesday, July 15, 2025. The decision follows a drop in ex-depot prices by Dangote Refinery and comes as the country observes a public holiday in honour of former President Muhammadu Buhari.
Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development in an interview with newsmen on Monday. He explained that the decision was made during a meeting of IPMAN members in Abuja, convened in response to Dangote Refinery’s move to lower its ex-depot price from ₦840 to ₦820 per litre.
As a result, IPMAN members in Abuja and the North Central region will now sell petrol at reduced pump prices, ranging between ₦900 and ₦920 per litre, down from previous rates of ₦905 to ₦945. Maigandi added that prices in other parts of the country will also fall, with some marketers expected to dispense petrol between ₦860 and ₦890 per litre.
“Nigerians are happy because there has been a reduction in the price of fuel in the past weeks,” Maigandi said, noting growing optimism among consumers.
The announcement coincides with a national public holiday declared to honour the late President Muhammadu Buhari, whose state burial is scheduled for Tuesday in Daura, Katsina State, following his death in London on July 14.
Last week, IPMAN had hinted at an imminent fuel price adjustment, following Dangote Refinery’s initial reduction. The 650,000-barrel-per-day facility has now slashed fuel prices twice in July, prompting widespread reactions from stakeholders.
Industry experts attribute the price drop to the effects of liberalizing Nigeria’s downstream petroleum sector and ongoing declines in global crude oil benchmarks. As of Monday, Brent crude futures had fallen to $69.10 per barrel, while West Texas Intermediate (WTI) dropped to $66.98, both down from previous levels above $70.
