Petrol price drops N125 per litre across Nigeria after FG meeting, IPMAN confirms
By Aboki Forex —
Nigerian motorists are now paying between N1,155 and N1,299 per litre for petrol, down from N1,340, after filling stations slashed prices by up to N125 per litre over the past three weeks. The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed the reduction, attributing it to fresh competition among fuel marketers following cuts in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Refinery.
Speaking in an interview, IPMAN national president Abubakar Maigandi said independent marketers have been reducing pump prices in response to lower depot costs. He stated, Fuel prices will go down further; that was our major agreement. Both Dangote Refinery and depot owners assured Nigerians. Presently, we have reduced it by N125 per litre nationwide.
FG meeting triggers price cuts
The latest price cuts follow a federal government meeting with key downstream petroleum stakeholders, including Dangote Refinery, depot owners, and fuel marketers. Discussions focused on implementing cost-reflective pricing after the recent decline in international crude oil prices. Government officials urged industry players to pass lower costs on to consumers through reduced pump prices.
According to data from PetroleumPriceNG, the Dangote Refinery's ex-gantry price remains at N1,075 per litre, with several major depot operators matching the same rate. Among those selling at the reduced prices are AIPEC and Sahara at N1,075 per litre, while Parker and Prudent Lagos are selling at N1,085 per litre. The report noted that fuel importers have adjusted their prices downward after the government's call for pricing that reflects prevailing global crude oil prices.
Analysts predict further reduction to N800 per litre
Despite the recent cuts, some analysts argue that petrol prices remain higher than expected, considering that global crude oil prices recently fell to their lowest levels since March. Financial analyst Osas Igho told Legit.ng that Nigerians could see even lower pump prices if refiners and marketers fully reflect international market trends. According to him, petrol could eventually fall to around N800 per litre if crude prices remain weak and competition in the downstream sector intensifies.
Legit.ng earlier reported that the recent drop in Nigerian petrol prices marked the second reduction by the Nigerian National Petroleum Company Limited (NNPCL) in just two weeks. With prices resting at N1,150 per litre at the time, consumers were left to wonder how this shift in the market would influence their daily lives and economic stability in the weeks ahead.
For Nigerian consumers, the sustained drop in petrol prices offers a glimmer of hope amid high transport fares and rising costs of goods. If crude oil prices remain weak and competition among marketers deepens, the naira could see some relief from reduced demand for dollars to import fuel, though the full impact on businesses and household budgets will depend on how quickly prices fall further.