Nigerian petroleum products marketers have announced a reduction in premium motor spirit (PMS) prices effective Tuesday, coinciding with the nationwide shutdown of the economy for former President Muhammadu Buhari's state funeral.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed this development following a meeting held in Abuja on Monday, responding to Dangote Refinery's recent ex-depot price reduction from N840 to N820 per litre.
According to IPMAN's national president, Abubakar Maigandi, marketers in Abuja will now dispense petrol between N900 and N920 per litre, down from the previous range of N905 to N945.
"We met on Tuesday and agreed to reduce petrol price to between N900 and N920 per litre for our members in Abuja, north central," Maigandi stated. "Similarly, our members in some other parts of the country will be selling below around N860 and N890 per litre."
He added, "Nigerians are happy because there has been a reduction in the price of fuel in the past weeks."
This price adjustment comes as Nigeria observes a federal government-declared public holiday to honor Buhari, who passed away in London on Sunday, July 14th, 2025. The former president will receive a state burial in his hometown of Daura, Katsina State, on Tuesday.
The 650,000-barrel-per-day Dangote Refinery has reduced fuel prices twice in July alone, with industry experts attributing these reductions to the benefits of liberalizing Nigeria's downstream petroleum sector. The price cuts also align with falling global crude oil prices, which stood at $69.10 and $66.98 per barrel for Brent and West Texas Intermediate crude futures respectively as of Monday.
IPMAN had previously hinted at a potential fuel price reduction last week, signaling a continued downward trend in petroleum product pricing across the country.
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