The Independent Petroleum Marketers Association of Nigeria (IPMAN) has confirmed that petrol prices have fallen by as much as N125 per litre across the country over the past three weeks, bringing relief to motorists. The price reduction follows successive cuts in the ex-depot price of Premium Motor Spirit (PMS) by Dangote Refinery, which has intensified competition among fuel marketers.
IPMAN Confirms N125 Price Reduction
Speaking in an interview with Daily Post, IPMAN National President Abubakar Maigandi confirmed that independent marketers have reduced pump prices in response to lower depot costs. According to him, petrol now sells for between N1,155 and N1,299 per litre at many filling stations, compared to previous prices of about N1,340 per litre. Maigandi attributed the decline to ongoing efforts by marketers and refiners to align fuel prices with market realities. "Fuel prices will go down further; that was our major agreement. Both Dangote Refinery and depot owners assured Nigerians. Presently, we have reduced it by N125 per litre nationwide," he said.
FG Pushes for Cost-Reflective Pricing
The latest price cuts come after the Federal Government convened a meeting with key downstream petroleum stakeholders, including Dangote Refinery, depot owners, and fuel marketers. The discussions focused on implementing cost-reflective pricing following the recent decline in international crude oil prices. Government officials urged industry players to pass lower costs on to consumers through reduced pump prices.
Depot Prices Remain Stable
While retail prices continue to ease, depot prices have largely remained stable. According to data from PetroleumPriceNG, Dangote Refinery's ex-gantry price remains at N1,075 per litre, with several major depot operators matching the same rate. Among those selling at the reduced prices are AIPEC and Sahara at N1,075 per litre, while Parker and Prudent Lagos are selling at N1,085 per litre. The report also noted that fuel importers have adjusted their prices downward after the government's call for pricing that reflects prevailing global crude oil prices.
Experts Expect Further Reductions
Despite the recent cuts, some analysts argue that petrol prices remain higher than expected, considering that global crude oil prices recently fell to their lowest levels since March. Financial analyst Osas Igho told Legit.ng that Nigerians could see even lower pump prices if refiners and marketers fully reflect international market trends. According to him, petrol could eventually fall to around N800 per litre if crude prices remain weak and competition in the downstream sector intensifies.
NNPC and Marketers Slash Petrol Prices
The recent drop in Nigerian petrol prices marks the second reduction by the Nigerian National Petroleum Company Limited (NNPCL) in just two weeks. With current prices now resting at N1,150 per litre, consumers are left to wonder how this shift in the market will influence their daily lives and economic stability in the weeks ahead. Amidst a backdrop of declining global crude oil prices and fierce competition among suppliers, this development offers a glimmer of hope for Nigerians feeling the pinch of high transport fares and rising costs of goods.
