Petrol prices drop nationwide as IPMAN responds to Dangote Refinery slash

In a significant development for motorists and the economy, petroleum marketers across Nigeria have announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, effective today, Tuesday, July 15, 2025.

This adjustment follows the recent downward review of the ex-depot price by Dangote Refinery, which now supplies fuel at ₦820 per litre, down from N840.

The refinery, which has a refining capacity of 650,000 barrels per day, has now reduced its fuel prices twice in July alone—moves that have reverberated positively through the downstream petroleum sector.

The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Alhaji Abubakar Maigandi, confirmed the price reduction in a statement following a strategic meeting of IPMAN executives held in Abuja on Monday.

“We met on Monday and agreed to reduce the petrol pump price to between N900 and N920 per litre for our members in Abuja and the North Central region,” Maigandi stated. “In some other regions, our members will be selling at slightly lower prices—between N860 and N890 per litre.”

He added that the move is already being welcomed by Nigerians, as it follows a steady drop in fuel prices in recent weeks, offering some relief amid persistent economic challenges.

The announcement coincides with a nationwide public holiday declared by the Federal Government to honour former President Muhammadu Buhari, GCFR, who died on Sunday, July 14, in London. Buhari, 82, will be laid to rest today in his hometown, Daura, Katsina State, with full state honours.

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Although economic activities are largely on pause due to the holiday, the pump price cut is expected to ease transportation costs and lower inflationary pressures in the coming days.

Industry experts have linked the latest reduction to the benefits of a liberalized downstream sector and improved domestic refining capacity. Falling global crude oil prices have also contributed to the price trend, with Brent and West Texas Intermediate crude futures trading at $69.10 and $66.98 per barrel respectively, down from recent highs above $70.

Economic analyst Dr. Goke Adebiyi noted, “This price cut is a welcome development. It shows how market forces, when allowed to operate freely, can benefit consumers. With Dangote Refinery ramping up operations and global oil prices softening, we could see more downward adjustments if macroeconomic stability is maintained.”

IPMAN had previously hinted at a price adjustment last week, in anticipation of Dangote’s ex-depot changes.

As Nigeria continues to navigate post-subsidy realities, today’s development marks a rare instance of price relief for consumers—one that industry stakeholders hope will be sustained in the months ahead.