Fuel price drops nationwide as marketers slash rates

Nigerian petroleum marketers have announced a reduction in the retail price of premium motor spirit (PMS), starting today, Tuesday, July 15.

The move follows a drop in Dangote Refinery’s ex-depot price from N840 to N820 per litre.

According to the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, the decision was reached after a meeting held by members of the association in Abuja on Monday.

Maigandi confirmed that, beginning today, IPMAN members in the Abuja and North Central zones will dispense petrol at prices ranging from N900 to N920 per litre down from the previous range of N905 to N945.

In other regions, pump prices are expected to drop to between N860 and N890.

“This adjustment reflects the recent reduction in Dangote Refinery’s prices and the benefits of a liberalized downstream sector,” Maigandi said.

The price change coincides with a national public holiday declared by the Federal Government in honour of former President Muhammadu Buhari, who passed away on Sunday, July 14, 2025, in London.

Dangote Refinery, which has a refining capacity of 650,000 barrels per day, has reduced petrol prices twice in July alone. Marketers credit the recent price cuts to both the refinery’s competitive pricing and falling global crude oil prices.

At the time of reporting, Brent crude futures stood at \$69.10 per barrel, while West Texas Intermediate (WTI) was trading at \$66.98.

IPMAN had previously hinted at a possible reduction in fuel prices, which has now materialized amid shifting market conditions and a drive to stabilize the energy sector.