The Nigerian Petroleum Products Marketers Association of Nigeria has announced plans to reduce premium motor spirit (PMS) prices nationwide starting Monday, following Dangote Refinery's recent fuel ex-depot price reduction.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed this development in an interview on Friday, stating that the association would follow the lead of the 650,000 barrels-per-day refinery.
"Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday," Maigandi told BenriNews.
This announcement comes after Dangote Refinery reduced its ex-depot petrol price from N840 to N820 per litre on Thursday, potentially signaling the beginning of a downward trend in fuel prices across the country.
Current Fuel Price Landscape
As of Friday, retail outlets in Abuja were selling petrol at varying prices between N905 and N945 per litre. The Nigerian National Petroleum Company Limited (NNPCL), NIPCO, AA Rano, Shema, and other retail outlets in the capital city were dispensing fuel at N910 per litre.
Meanwhile, MRS, AP Ardova, and other Dangote Refinery retail partners were selling at a slightly lower rate of N905 per litre. Other stations such as Ranoil, Empire Energy, and Total Emadeb were dispensing fuel at higher prices ranging from N920 to N945 per litre in the nation's capital.
The anticipated price reduction comes as welcome news to Nigerians who have been grappling with high fuel costs and their ripple effects on transportation, food prices, and overall cost of living.
Industry analysts suggest that the increased domestic production from Dangote Refinery is beginning to positively impact the petroleum market, potentially reducing Nigeria's dependence on imported fuel and stabilizing prices in the long term.
The exact percentage or amount of the price reduction is yet to be announced, as IPMAN has scheduled a meeting for Monday to finalize and communicate the new pricing structure to its members nationwide.
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