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 reduction in ex-depot fuel prices.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed this development in an interview with BenriNews on Friday.
This announcement comes after Dangote Refinery slashed its ex-depot petrol price from N840 to N820 per litre on Thursday, potentially signaling relief for Nigerian consumers who have been grappling with high fuel costs.
"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.
Currently, retail outlets in Abuja sell petrol 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 dispense fuel at N910 per litre, while MRS, AP Ardova, and other Dangote Refinery retail partners sell at a slightly lower rate of N905 per litre.
Other retailers such as Ranoil, Empire Energy, and Total Emadeb are currently dispensing fuel in Abuja at prices ranging between N920 and N945 per litre as of Friday.
The 650,000 barrels-per-day Dangote Refinery has been instrumental in influencing the domestic fuel market since commencing operations. This latest price reduction marks the second time the refinery has lowered its ex-depot price in recent weeks, potentially establishing a trend toward more affordable fuel prices for Nigerians.
Market analysts suggest that increased competition and improved domestic refining capacity could lead to further price stabilization in Nigeria's petroleum sector, which has historically been vulnerable to international market fluctuations and foreign exchange challenges.
The anticipated price reduction is expected to have positive ripple effects across various sectors of the Nigerian economy, potentially easing transportation costs and moderating inflation on essential goods and services.
Stay connected for more updates on this developing story and other important news. Follow BenriNews on our social media platforms: Facebook, Twitter, LinkedIn, WhatsApp, and Telegram.
