Fuel Prices Drop Nationwide as Marketers Respond to Dangote Refinery Slash and FG Declares Buhari Memorial Holiday
By Myra Okafor | July 15, 2025
Nigerian fuel marketers have reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, following a recent price cut by Dangote Refinery and in response to the nationwide economic shutdown declared in honour of former President Muhammadu Buhari.
The reduction takes effect today, Tuesday, July 15, 2025, coinciding with the public holiday declared by the Federal Government for Buhari’s state burial in Daura, Katsina State. Buhari died in London on Sunday, July 14, 2025.
Abubakar Maigandi, National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price adjustment in an interview on Monday. He said the decision was made after a meeting of IPMAN executives in Abuja, following Dangote Refinery’s latest ex-depot price drop from N840 to N820 per litre.
Maigandi disclosed that petrol prices at independent filling stations will now be sold between N900 and N920 per litre in Abuja and North Central states, down from the previous range of N905 to N945. He also noted that prices will be even lower in other regions, ranging between N860 and N890 per litre, depending on transportation and logistics costs.
“We met on Monday and agreed to reduce the pump price to between N900 and N920 for Abuja and surrounding areas. Our members in other regions are also adjusting their prices downward accordingly,” Maigandi said.
According to him, Nigerians have welcomed the development as fuel prices have been on a gradual decline in recent weeks.
The recent reduction follows two earlier price cuts by Dangote Refinery in July, reflecting ongoing efforts to stabilize the downstream oil sector. The 650,000-barrel-per-day facility has been instrumental in easing local fuel prices through increased domestic refining capacity.
Analysts attribute the latest price reductions to a combination of factors, including liberalisation of Nigeria’s petroleum downstream sector and falling global crude oil prices. As of Monday, Brent crude traded at $69.10 per barrel, while West Texas Intermediate (WTI) sold for $66.98 per barrel — both down from over $70 last week.
IPMAN had hinted at the likelihood of fuel price reductions last week, following growing pressure for lower costs amid declining global oil benchmarks.
The move comes at a symbolic time for the country as it pauses economic activities to pay final respects to former President Buhari, whose legacy remains significant in Nigeria’s democratic and economic journey.
