Fuel Price Drops as IPMAN Responds to Dangote Refinery's New Rate

Fuel Price Drops as IPMAN Responds to Dangote Refinery’s New Rate.
Dangote Refinery’s new ex-depot price and global oil dip influenced cut.
Analysts credit Nigeria’s liberalised market and refinery for price stability.

Petroleum marketers under the Independent Petroleum Marketers Association of Nigeria (IPMAN) have announced a fresh downward review in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, beginning Tuesday, July 15, 2025.

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EKO HOT BLOG reports that the adjustment follows Dangote Refinery’s latest reduction in its ex-depot price from ₦840 to ₦820 per litre. This prompted members of IPMAN to slash pump prices across different regions in response to the development.

Confirming the move, IPMAN’s National President, Abubakar Maigandi, said the decision was reached after an emergency meeting held in Abuja. Speaking to journalists, Maigandi stated, “We met on Tuesday and agreed to reduce petrol price to between ₦900 and ₦920 per litre for our members in Abuja and the North Central.”

He added that in other regions across the country, pump prices would now range between ₦860 and ₦890 per litre, depending on transportation and logistics factors.

The latest review marks the second fuel price reduction in July, following Dangote Refinery’s earlier price cut. The 650,000-barrel-per-day facility has played a significant role in stabilising the local fuel market since commencing operations.

“Nigerians are happy because there has been a reduction in the price of fuel in the past weeks,” Maigandi noted, expressing optimism that further adjustments would bring relief to consumers.

This development comes as the country marks a public holiday declared by the Federal Government in honour of former President Muhammadu Buhari, who died in London on Sunday, July 14. His burial is scheduled for Tuesday in Daura, Katsina State, attracting nationwide attention.

The price review also aligns with a broader global trend as international crude oil prices continue to decline. As of Monday, Brent crude was trading at $69.10 per barrel, while West Texas Intermediate (WTI) futures stood at $66.98, both dropping from previous levels above $70.

Industry analysts attribute the local pump price cuts to the liberalisation of the downstream petroleum sector and Dangote Refinery’s competitive pricing, which have helped cushion the impact of global oil market fluctuations on Nigerian consumers.