Fuel Relief: Nigerian Marketers Slash Petrol Prices Nationwide

Independent petroleum marketers across Nigeria have begun implementing significant price reductions for Premium Motor Spirit (PMS), offering relief to consumers amid economic pressures.

Petroleum retailers nationwide started reducing fuel prices on Wednesday, responding to a wholesale price adjustment by Dangote Refinery that lowered its ex-depot rate from N880 to N840 per litre earlier this week.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) President, Abubakar Maigandi, confirmed the price adjustments during a media interview on Wednesday, explaining that the reductions vary by region based on transportation and operational costs.

Regional Price Variations

The new pricing structure reflects geographical differences in distribution costs:

Northern States and Federal Capital Territory: IPMAN members have reduced prices to a range of N930-N940 per litre, down from the previous N945-N975 bracket.

Lagos State: Consumers now pay N890 per litre at participating stations, representing a N35 reduction from the former N925 rate.

Eastern Nigeria: Fuel prices have been adjusted to N950-N960 per litre across member outlets.

“The price reduction became necessary following Dangote Refinery’s decision to lower its ex-depot pricing,” Maigandi stated, emphasizing that IPMAN members are committed to passing savings directly to consumers.

While independent marketers have embraced the price cuts, market observations reveal uneven implementation across the sector. Several filling stations in the Gwarimpa area of Abuja, including Empire Energy and Raniol outlets, have reduced their pump prices to N945-N955 per litre from Monday’s rates of N960-N975.

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However, major retail chains including MRS Filling Station and Nigerian National Petroleum Company Limited (NNPCL) outlets have maintained their existing price structures as of Wednesday evening, suggesting a phased market adjustment.

The ex-depot price reduction by Dangote Refinery represents a strategic move in Nigeria’s evolving petroleum landscape, where the Lagos-based facility has emerged as a key domestic supplier. Industry analysts attribute the pricing adjustment to favorable crude oil market conditions and the refinery’s operational efficiency gains.

The development comes as Nigerian consumers continue to grapple with elevated living costs, making fuel price reductions particularly significant for transportation and commodity pricing across the economy.

Market watchers expect broader adoption of the reduced prices as competition intensifies among fuel retailers, potentially leading to further consumer savings in the coming days.