Fuel marketers plan petrol price cut as fresh imports hit Nigeria
By Aboki Forex —
Petrol consumers in Nigeria may soon get relief as fuel marketers say fresh supplies entering the market could force filling stations to review pump prices. The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that stations in the Federal Capital Territory are preparing to adjust prices once the new products become available.
IPMAN National Publicity Secretary, Chinedu Ukadike, disclosed this on Thursday, September 3, 2026, in Abuja during an interview with the News Agency of Nigeria (NAN). He said the arrival of fresh products is expected to influence marketers’ pricing and sales strategies, although the exact timing remains uncertain.
Marketers await fresh supply
According to Ukadike, purchases could begin within the next few days, depending on when the supply process officially commences. Once the products become available, marketers are expected to reassess their costs and adjust pump prices accordingly. He added that the move would be carried out in line with existing regulations governing the sale and distribution of petroleum products.
The planned review comes after a turbulent week in the downstream oil sector, with petrol prices rising sharply at depots and filling stations across the country. The Dangote Refinery’s gantry, or ex-depot, price moved from N1,165 per litre to N1,185, then N1,200 and subsequently N1,265 within the past week.
Depot prices still high
The successive increases have filtered through to filling stations in the FCT, leaving motorists facing higher costs at the pump. Checks by PetroleumPriceNG indicate that petrol depot prices remain elevated despite a reported 2% decline in crude oil prices.
Some of the depots currently recording high petrol prices include Optima at N1,275 per litre, Soroman at N1,290, Sahara at N1,280, Keonamex at N1,270 and Hong Petroleum at N1,270. Industry experts, however, believe the high depot prices could ease as existing stocks are cleared and newer supplies are offloaded. This means motorists may have to wait a little longer before the impact of fresh supplies becomes visible at filling stations.
The refinery raised its Premium Motor Spirit, popularly known as petrol, gantry price by N65 per litre, from N1,200 to N1,265, effective August 29. Earlier reports showed petrol prices edging towards N1,400 per litre in parts of Nigeria following another increase in the Dangote refinery’s selling price, adding fresh pressure to households already grappling with high living costs.
What it means for consumers
For motorists and businesses already struggling with elevated transportation and operating costs, any downward adjustment could provide some relief. The rapid price movements have also triggered calls from some consumers for government intervention to help stabilise the downstream petroleum market.