Petrol price relief looms as IPMAN set to slash rates

Nigerians may soon enjoy a slight relief in the price of petrol as the Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to reduce the pump price of Premium Motor Spirit (PMS) starting Monday, July 15, 2025.

The move follows Thursday’s decision by Dangote Refinery to cut its ex-depot petrol price from N840 per litre to N820 per litre — a significant step expected to ripple through the downstream oil sector.

Confirming the planned reduction, IPMAN’s National President, Abubakar Maigandi, said the association is responding to Dangote Refinery’s pricing and is committed to easing the burden on consumers across the country.

Speaking in an interview on Friday, Maigandi said: “Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday.”

He explained that IPMAN members would convene to finalise and formally announce the new pricing regime, which could see pump prices drop across independent filling stations nationwide.

READ ALSO: Dangote Refinery slashes petrol price to N820/litre, expands market reach

As of Friday, petrol prices at retail outlets in the Federal Capital Territory, Abuja, ranged between N905 and N945 per litre. Observations across various stations showed price disparities based on supply sources and brand affiliations.

For instance, retail stations operated by the Nigerian National Petroleum Company Limited (NNPC), NIPCO, AA Rano, and Shema were selling fuel at N910 per litre, while MRS, AP Ardova, and other partners of Dangote Refinery offered it slightly cheaper at N905 per litre.

Other marketers such as Ranoil, Empire Energy, and Total Emadeb dispensed petrol at between ₦920 and N945 per litre, highlighting the ongoing volatility in fuel pricing despite increased local refining activity.

Dangote Refinery, with its massive 650,000 barrels-per-day capacity, has been steadily ramping up operations and injecting competitive pricing into the Nigerian downstream sector.

Industry analysts say the refinery’s latest ex-depot price cut is part of a broader strategy to consolidate its presence and influence in the domestic fuel market.

The anticipated move by IPMAN could offer much-needed respite to Nigerian motorists and businesses grappling with high fuel costs, which have contributed to inflationary pressures and increased transportation expenses.

While the federal government continues to adopt a deregulated pricing model, developments in the local refining space — particularly actions by Dangote Refinery — are beginning to shape market dynamics, offering consumers hope for more affordable energy solutions in the months ahead.