Nigerian Petroleum Marketers Slash Fuel Prices Amid National Holiday for Buhari

Independent Marketers Adjust Petrol Rates Following Dangote Refinery’s Price Reduction

In a significant development for Nigerian motorists, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced a nationwide reduction in Premium Motor Spirit (PMS) prices effective Tuesday. This price adjustment comes as the country observes a public holiday declared by the federal government to honor former President Muhammadu Buhari, who passed away on July 14, 2025.

Price Reduction Details

IPMAN National President Abubakar Maigandi confirmed to DAILY POST that the decision followed an emergency meeting in Abuja on Monday. The association’s move responds to Dangote Refinery’s recent reduction of its ex-depot price to ₦820 per litre from ₦840.

“Our members in Abuja and the North Central region will now sell petrol between ₦900 and ₦920 per litre, down from the previous range of ₦905 to ₦945,” Maigandi stated. He added that prices would vary across regions, with some areas seeing prices as low as ₦860 to ₦890 per litre.

Market Reactions and Economic Impact

The price reduction marks the second adjustment in July alone from Dangote Refinery, Africa’s largest oil processing facility with a 650,000-barrel-per-day capacity. Industry analysts attribute these consecutive price cuts to the liberalization of Nigeria’s downstream petroleum sector and declining global crude oil prices.

As of Monday, international benchmark Brent crude traded at $69.10 per barrel, while West Texas Intermediate stood at $66.98 – both showing significant drops from earlier July figures above $70 per barrel.

Historical Context and Future Projections

This development follows IPMAN’s earlier indication last week about impending price reductions. Market observers note that the entry of Dangote Refinery into Nigeria’s fuel supply chain has introduced unprecedented competition, leading to more frequent price adjustments responsive to global market trends.

The price reduction coincides with nationwide economic activities slowing for Buhari’s state burial in his hometown of Daura, Katsina State. The federal government had declared Tuesday a public holiday to allow citizens pay their respects to the former leader.

Consumer Reactions and Industry Outlook

“Nigerians are happy because there has been a reduction in the price of fuel in the past weeks,” Maigandi remarked, reflecting on the positive public reception to recent price trends. Economic analysts suggest that if global oil prices continue their downward trajectory and domestic refining capacity increases, consumers might see further relief at the pumps in coming weeks.

The petroleum marketers’ association emphasized their commitment to passing on cost savings to consumers while maintaining service quality across their retail networks nationwide.

Credit: Original reporting by DAILY POST